Iran proposes '7-day plan' to US for reopening Strait of Hormuz

WTI falls 2.33%, Brent drops 2.14%

30-year Treasury yield hits 22-year intraday high

Traders work on the floor of the New York Stock Exchange in New York City. [Reuters]
Traders work on the floor of the New York Stock Exchange in New York City. [Reuters]

All three major US stock indexes closed higher Friday as investor sentiment improved on growing expectations for a diplomatic solution between Washington and Tehran and a potential reopening of the Strait of Hormuz, spurred by meetings on the sidelines of the UN General Assembly.

The Dow Jones Industrial Average rose 478.64 points, or 0.93 percent, to close at 51,828.62.

The S&P 500 gained 39.28 points, or 0.51 percent, to finish at 7,743.41, while the tech-heavy NASDAQ Composite added 129.34 points, or 0.48 percent, to close at 27,068.72.

International oil prices fell more than 2 percent on hopes for progress in US-Iran negotiations and a reopening of the Strait of Hormuz.

Iranian Foreign Minister Abbas Araghchi said at a press conference in New York on the sidelines of the UN General Assembly that Tehran had proposed a "7-day plan" to Washington calling for an end to hostilities and the reopening of the Strait of Hormuz. He reaffirmed that Iran had presented the US with a "concrete 7-day plan," adding, "The choice now lies with the United States."

US President Donald Trump said he had discussed the war with Iran with Chinese President Xi Jinping, adding, "We are going to do very well."

Crude oil prices fell on expectations that global supply conditions could improve.

West Texas Intermediate for November delivery settled at $92.41 per barrel, down $2.20, or 2.33 percent, while November Brent crude fell $2.28, or 2.14 percent, to $104.32 per barrel.

US Treasury yields surged to intraday highs before giving back some gains as oil prices fell and hopes for a US-Iran deal grew. The 30-year Treasury yield climbed as high as 5.519 percent during the session, its highest level since June 14, 2004.

The 10-year yield also traded above 5.20 percent for much of the day before slipping back below that level in afternoon trading.

Among individual stocks, AI-related technology shares posted notable gains.

Microsoft surged 3.66 percent after unveiling a new version of its Copilot assistant that has evolved from a chatbot into an AI agent.

The Philadelphia Semiconductor Index rose 1.41 percent, while SK hynix's American depositary receipts gained 2.78 percent and Apple advanced 1.53 percent.


yuni@heraldcorp.com