S&P 500 jumps, making up earlier losses, as investors bet Trump will get an Iran peace deal

The S&P 500 rose on Monday as investors hoped that a deal would eventually be struck between the U.S. and Iran.

The broad market index traded up 0.5%, while the Nasdaq Composite gained 0.7%. The Dow Jones Industrial Average added 38 points, or 0.1%.

While technology names offered a boost to the broader market, with software stocks such as Oracle and Palantir Technologies rising 11% and 4%, respectively, Goldman Sachs was a sore spot in the session. That stock was down 2% despite the bank’s strong overall earnings after it recorded disappointing trading results in its fixed income unit.

Stocks took a leg higher after President Donald Trump said, “We’ve been called by the other side.” He added, “They’d like to make a deal very badly.” Iran has not confirmed that the call has taken place.

This comes after Trump announced a blockade of the Strait of Hormuz, with peace talks between the U.S. and Iran over the weekend ending without a deal. The blockade of all maritime traffic in and out of Iran’s ports went into effect Monday. U.S. Central Command said the U.S. will not block vessels using the strait to get to non-Iranian ports.