Stocks settled higher on Wednesday, despite continued uncertaintyover whether there will be a peace deal between the U.S. and Iran, after the latter rejected President Donald Trump's 15-point peace plan. Iran returned with a five-point proposal of its own, including control over the Strait of Hormuz. Market sentiment leaned optimistic, sending the Dow and Nasdaq to their second triple-digit win this week, while the S&P 500 advanced as well. Chip stocks were behind some of these gains, while crude continued its retreat.
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Crude prices fell once again as investors U.S.-Iran negotiations, with the latter signaling sage passage for "non-hostile" vessels through the Strait of Hormuz. Front-month May-dated West Texas Intermediate (WTI) crude futures rose 2.5% to finish at $90.08 per barrel.
A retreat in Treasury yields and return to safe havens pushed gold futures higher on Wednesday. April-dated gold futures added 3% to finish at $4,558.60 an ounce.
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