New Delhi, April 8 -- Major US stock indices climbed sharply on Wednesday following a collaborative agreement between the US and Iran for a fourteen-day ceasefire, which caused crude oil prices to plunge.

At 10:06 a.m. ET, the Dow Jones Industrial Average rose 1,308.99 points, or 2.81%, to 47,893.45, the S&P 500 gained 155.91 points, or 2.36%, to 6,772.76 and the Nasdaq Composite gained 617.51 points, or 2.81%, to 22,635.36.

At the opening bell, the Dow Jones Industrial Average rose 393.7 points, or 0.85%, to 46,978.17. The S&P 500 rose 137.5 points, or 2.08%, to 6,754.36​, while the Nasdaq Composite rose 803.4 points, or 3.65%, to 22,821.209.

The breakthrough occurred just hours prior to a deadline established by Trump, which de...