Mumbai, April 8 -- The S&P 500 fell as much as 1.2% but stocks rallied at the end of trading after Pakistan's prime minister urged Trump to extend his deadline for another two weeks and asked Iran to open up the strait for the same amount of time. The Dow Jones Industrial Average dipped 85 points, or 0.2% and the Nasdaq composite added 0.1%.

Oil prices plunged below $100 a barrel and Asia markets and U.S. stock futures jumped after the U.S. and Iran agreed to a two-week ceasefire that includes the reopening of the Strait of Hormuz. Futures for U.S. crude oil sank 14.3% to $96.83 a barrel and Brent crude oil, the international standard, dropped 13.3% to $94.74. Oil prices had spiked because the war snarled the production and transportatio...