Yahoo Finance Live: S&P 500 and Nasdaq rise, oil pares gains on report of US-Iran breakthrough

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US stocks rose early on Wednesday as AI momentum continued to drive tech stocks, while oil dropped sharply after Iranian state media reported that a draft memorandum between the US and Iran said Tehran would reopen the Strait of Hormuz.

The Dow Jones Industrial Average (^DJI) and Nasdaq Composite (^IXIC) each climbed by about 0.2%, while the benchmark S&P 500 (^GSPC) traded up by 0.1%.

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