New Delhi, May 6 -- Major stock indices on Wall Street climbed on Wednesday on hopes of a potential US-Iran peace deal and enthusiasm around artificial intelligence.

As of 10:15 a.m. Eastern Time, the S&P 500 climbed 0.9%, the Dow Jones Industrial Average was up 1%, and the Nasdaq Composite was 1.1% higher.

At the open, the Dow Jones Industrial Average rose 143.9 points, or 0.29%, to 49,442.19. The S&P 500 rose 34.9 points, or 0.48%, to 7,294.14​, while the Nasdaq Composite rose 169.0 points, or 0.67%, to 25,495.166.

According to news outlet Axios, the United States and Iran are nearing an agreement on a concise, one-page memorandum of understanding. This document aims to halt the current conflict and establish a foundational fra...