The S&P 500 leaped 2.5% after Trump announced a two-week ceasefire with Iran, less than 90 minutes before a deadline Trump had set for it to open the Strait of Hormuz.

U.S. stocks race toward the finish of a third straight week of big gains.

The S&P 500 leaped 2.5% after Trump announced a two-week ceasefire with Iran, less than 90 minutes before a deadline Trump had set for it to open the Strait of Hormuz.

Oil prices jumped and global equities pulled back as markets grew increasingly concerned that the ceasefire between the U.S. and Iran might not hold, while tensions over the…