The S&P 500 followed global stocks higher on Friday, while crude prices retreated as investors cheered renewed prospects for a peaceful resolution to the conflict with Iran.
All three major U.S. indexes are on track for monthly gains. The Dow Jones Industrial Average rose 219 points to 50,888. The S&P 500 added 9 points to 7,572. The tech-heavy Nasdaq was essentially flat.
European shares also gained ground, buoyed by optimism that a truce extension and the reopening of the Strait of Hormuz could stabilize energy markets.
The United States and Iran have agreed to extend their ceasefire and lift shipping restrictions as peace talks continue, according to sources. But President Trump has yet to sign off on the deal.
Brent crude fell 1.3% to $92.48 a barrel. U.S. crude slipped slightly to $88.80.
Treasury yields edged lower. The benchmark 10-year note fell to 4.45%. The dollar was little changed.
Bitcoin dropped 1.16% to $72,618. Ethereum lost 1.21% to $1,986. Gold rose 1% to $4,537 an ounce.