00:00Wall Street's main indexes closed higher on Wednesday as oil prices fell while Iran reviewed a U.S. proposal to
00:07end the war in the Middle East,
00:08feeding investor hopes for de-escalation in the fourth week of a war that has disrupted global energy flows and
00:15stoked inflation concerns.
00:16Iran's foreign minister, however, says the country is not currently negotiating with the U.S. to end the war and
00:23does not intend to do so.
00:24Abbas Aragici's comments came as U.S. President Donald Trump's press secretary said talks were ongoing and productive.
00:32Aragici said the U.S. had been sending ideas via mediateers at one stage appearing to refer to a 15
00:38-point plan the U.S. is reported to have passed to Iran.
00:42Without explicitly rejecting the plan outright, the foreign minister repeated some of the arguments earlier outlined by an unnamed Iranian
00:49official in a five-point counterproposal.
00:53Initially, Iran said it considered U.S. proposals delivered by Pakistan as excessive and demanded sovereignty over the Strait of
01:01Hormuz.
01:01Any signs of communication between the countries made investors hopeful following signals that Washington has been seeking a ceasefire
01:09and restoration of shipping through the crucial Strait of Hormuz, which about 20 percent of global oil shipments passed through.
01:17It's easy to be hopeful on a day like today.
01:20I think optimistic is probably too strong of a word.
01:24It's very much a wait-and-see approach on Wall Street, and people are looking for any sign to either
01:32exit stage left or get that cash on the sidelines back into the market stage right.
01:37It's getting harder and harder for the Fed to really consider rate cuts in the near term.
01:45As this conflict rages on and we see oil prices somewhere around or north of $100 a barrel,
01:54it's going to be tough for Chairman Powell and the Fed to really even begin to contemplate cutting rates another
02:01quarter point or a half point.
02:05Ultimately, we think the easing of some of the pressures based on the Supreme Court's decision with the tariffs should
02:14help to counteract some of what you're seeing with the increase in the import prices.
02:20And we do think ultimately the economy should, base case, avoid tipping into a recession.
02:28But, you know, fears of stagflation, fears of resurgent inflation are not misplaced.
02:36It's very reasonable to be concerned here.
02:38The S&P 500 gained 35.53 points or 0.54%, while the Nasdaq Composite gained 167.93 points or
02:480.77%.
02:50Dow Jones Industrial Average rose 305.43 points or 0.66%.
02:56Dow Jones Industrial Average rose 305.43 points or 0.77 points or 0.77 points or 0.77 points
02:57or 0.77 points or 0.77 points or 0.77 points or 0.77 points or 0.77 points
02:59or 0.77 points or 0.77 points or 0.77 points or 0.77 points or 0.77 points
02:59or 0.77 points or 0.77 points or 0.77 points or 0.77 points or 0.77 points
02:59or 0.77 points or 0.77 points or 0.77 points or 0.77 points or 0.77 points
02:59or 0.77 points or 0.77 points or 0.77 points or 0.77 points or 0.77 points
02:59or 0.77 points or 0.77 points or 0.77 points or 0.77 points or 0.77 points
02:59or 0.77 points or 0.77 points or 0.77 points or 0.77 points or 0.77 points
02:59or 0.77 points or 0.77 points or 0.77 points or 0.77 points
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