Stock market today: Live updates

The broad market index traded up 0.4%, while the Nasdaq Composite gained 0.5%. The Dow Jones Industrial Average climbed 137 points, or 0.3%

Axios reported that the U.S., Iran, and a group of regional mediators were discussing terms for a potential 45-day ceasefire that could lead to a permanent end to the war, though the chances for reaching a partial deal before the Tuesday deadline were slim. To be sure, a 45-day ceasefire is just one of the many ideas being floated.

Reuters also reported that Iran and the U.S. have received a plan to end hostilities that, if agreed, would result in an immediate ceasefire and the reopening of the Strait of Hormuz. The framework, which could come into effect on Monday, was put together by Pakistan, an unnamed source told Reuters.

Wall Street is coming off a strong performance last week, with the S&P 500 advancing 3.4%. That gain snapped a five-week losing streak and marked the benchmark’s best weekly performance since late November.

The Dow and Nasdaq also ended their respective five-week slides. The former advanced 3% for the week, while the latter popped 4.4%.

Those gains weren’t easy to come by, however. The major averages experienced wild swings during the week as traders assessed updates on the U.S.-Iran war and gauged when the conflict may end.

President Donald Trump had warned Sunday the U.S. would strike Iran’s power plants and bridges if the Strait of Hormuz isn’t opened by Tuesday. He later said Monday that while he wants to take Iran’s oil, he “won’t go further.”

“What would I like to do? Take the oil, because it’s there for the taking,” he continued. “There’s not a thing they can do about it. Unfortunately, the American people would like to see us come home.”

Oil prices whipsawed in volatile trading at the start of the week. The U.S. West Texas Intermediate for May was last up 1% at above $112 per barrel. International benchmark Brent crude prices gained 1% to above $109 per barrel.

“The market may be underestimating the magnitude of the disruption in the world economy,” said Michael Rosen, chief investment officer at Angeles Investments. The “immediate and intermediate impact of the energy disruption is, I think, likely to be under appreciated by the markets, meaning energy prices staying higher for longer.”

Monday will mark the first session during which investors will be able to react to the stronger-than-expected March jobs report, which came out on Friday. U.S. markets were closed due to Good Friday.

Correction: The S&P 500 rose 3.4% last week. A previous version misstated the gain.