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\n\t\t\t\t\t\t\t\t\tEd Curran works on the floor at the New York Stock Exchange in New York, Tuesday, April 7, 2026. (AP Photo\/Seth Wenig)<\/p>\n
Oil prices soared with the start of the war, which had effectively blocked passage through the strait that\u2019s a crucial route for global supplies.<\/p>\n
\u201cYet the mood remains one of cautious optimism rather than outright celebration. The ceasefire is only two weeks long, and markets will be watching closely to see whether shipping through the Strait of Hormuz normalizes as promised and whether the fragile truce can pave the way for a more durable peace agreement,\u201d said Tim Waterer, chief market analyst at KCM Trade.<\/p>\n
Late Tuesday, Trump said he was holding off on his threatened attacks on Iranian bridges, power plants and other civilian targets. Iran\u2019s foreign minister said passage through the strait would be allowed for the next two weeks under Iranian military management.<\/p>\n
At the end of trading on Wall Street, shares rallied after Pakistan\u2019s prime minister urged Trump to extend his deadline for another two weeks and asked Iran to open up the strait. The S&P 500 erased all its losses and ended with a modest gain of 0.1%. The Dow Jones Industrial Average dipped 85 points, or 0.2%, and the Nasdaq composite added 0.1%.<\/p>\n
In the bond market, Treasury yields eased. The yield on the 10-year Treasury fell to 4.24% from 4.30% earlier Tuesday.<\/p>\n
In currency trading, the U.S. dollar fell to 158.10 Japanese yen from 159.52 yen Wednesday. The euro cost $1.1700, up from $1.1597. The dollar usually becomes a safe haven during geopolitical uncertainty, so the ceasefire deal worked to lessen that appeal.<\/p>\n
\n\t\tWinnipeg Free Press | Newsletter\n\t<\/p>\n
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But analysts warned against too much optimism.<\/p>\n