Dow Soars Over 420 Points, Hits 52-Week High As US-Iran Peace Deal Progresses

• Secretary of State Marco Rubio warned that any such deal between the U.S. and Iran would not be feasible if the latter tries to permanently control the Strait of Hormuz by imposing tolls.
• President Donald Trump said Thursday that the U.S. plans to recover Iran's highly enriched uranium.
• Iranian Supreme Leader, Ayatollah Mojtaba Khamenei, reportedly ordered that highly enriched uranium must stay inside the country, defying Trump.

U.S. equities soared in Friday morning’s trade after Secretary of State Marco Rubio said that there are “good signs” that an agreement between the United States and Iran was in sight.

The Dow Jones Industrial Average (DJIA) soared more than 420 points, climbing to a 52-week high of 50,712 in Friday’s opening trade, while the S&P 500 index and the Nasdaq Composite surged about 0.4% each, before paring some of the gains. 

Iran stated that the latest U.S. proposal has helped bring the two sides closer to a deal, but added that it is reviewing the terms put forth by the United States.

However, Rubio warned that any such deal would be infeasible if Iran attempts to permanently control the Strait of Hormuz by imposing tolls.

“No one in the world is in favor of a tolling system. It can’t happen; it would be unacceptable. It would make a diplomatic deal unfeasible if they were to continue to pursue that,” he said.

Crude Oil Prices Rise

Meanwhile, crude oil prices rose on Friday, with the U.S. West Texas Intermediate (WTI) crude futures maturing in July rising 1.17% to hover around $97.47 per barrel. Brent crude futures maturing in July gained 1.43%, hovering at $104.06 per barrel.

The United States Oil Fund ETF (USO) declined about 0.4%, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) was down more than 1% at the time of writing.

Trump Says US Will Get Uranium From Iran

President Donald Trump said Thursday that the U.S. plans to recover Iran's highly enriched uranium, which he said remains buried beneath debris from joint U.S.-Israeli strikes on the country.

“We don’t need it, we don’t want it, we’ll probably destroy it after we get it, but we’re not going to let them have it,” Trump added, when asked about the highly enriched uranium and what the U.S. would do about it.

He also said that his administration is looking into Iran’s plans to impose tolls in the Strait of Hormuz, while adding that the U.S. has total control of the critical waterway.

However, Iranian Supreme Leader, Ayatollah Mojtaba Khamenei, reportedly ordered that highly enriched uranium must stay inside the country, defying Trump.

At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, gained 0.34%; the Invesco QQQ Trust ETF (QQQ) rose 0.35%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) gained 0.57%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘extremely bullish’ territory.

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