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Stocks Rally as Middle East Ceasefire Eases Concerns: Closing Bell
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June 24, 2025
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10:10Now PlayingWatch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Alix Steel, Scarlet Fu, Carol Massar and Tim Stenovec.
Wall Street bulls drove stocks higher amid easing Middle East tensions and balanced comments from Federal Reserve Chair Jerome Powell on prospects for rate cuts. Treasury yields and the dollar fell. Oil tumbled.
The S&P 500 rose 1.1% and the Nasdaq 100 climbed 1.5%, notching its first record since February. West Texas Intermediate crude plunged nearly 15% over two sessions to settle around $64 a barrel. In late hours, FedEx Corp. forecast a worse-than-expected profit. Money markets fully priced in two Fed cuts by the end of 2025, with a first move in September far more likely than next month — even as bets on a July reduction edged up slightly.
“If it turns out that inflation pressures do remain contained, then we will get to a place where we cut rates, sooner rather than later,” Powell told lawmakers in response to a question about the possibility of a July move. “But I wouldn’t want to point to a particular meeting. I don’t think we need to be in any rush because the economy is still strong.”
Traders continued to keep a very close eye on Middle East developments. Israel and Iran appeared to be honoring a ceasefire agreement unexpectedly announced by US President Donald Trump, after the American leader reacted angrily to early breaches of the deal by both sides.
Oil plunged for the second straight day as Trump signaled he wants to keep oil flowing out of Iran after brokering a ceasefire between Tehran and Israel.
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