NEW YORK, March 25 (Xinhua) -- U.S. stocks finished higher on Wednesday as investors weighed emerging reports that the United States approached Iran with a 15-point ceasefire plan.
The Dow Jones Industrial Average rose 0.66 percent to 46,429.49. The S&P 500 added 0.54 percent to 6,591.9. The Nasdaq Composite Index increased 0.77 percent to 21,929.83.
Nine of the 11 primary S&P 500 sectors ended in green, with materials and consumer discretionary leading the gainers by adding 1.97 percent and 1.18 percent, respectively. Energy and real estate went down 0.53 percent and 0.04 percent, respectively.
The geopolitical developments dominated market sentiment after U.S. media reported that a ceasefire plan had been transmitted to Iran. Citing unnamed officials in Islamabad, subsequent reports indicated that Iran received a 15-point proposal from the United States, reportedly delivered through Pakistani diplomatic channels.
Oil prices reacted swiftly to the initial diplomatic reports, with oil futures sinking before paring some of their losses by Wednesday afternoon. West Texas Intermediate futures, the U.S. oil benchmark, declined 2.2 percent in recent trading to settle at 90.32 U.S. dollars a barrel. Meanwhile, the international benchmark Brent crude futures dropped to 102.22 dollars a barrel, down from Tuesday's close of 104.49 dollars.
In the equities market, the technology sector provided robust support for the broader rally. Most of the "Magnificent Seven" technology giants finished higher, rebounding from a broadly negative performance in the previous session. Amazon and Nvidia led the mega-cap group, each rising around 2 percent. Furthermore, Intel and Advanced Micro Devices led a broader surge among semiconductor equities following media reports that both chipmakers are preparing to raise their product prices.
U.S.-listed shares of semiconductor design firm Arm Holdings soared 16.38 percent to pace the Nasdaq after the company unveiled its first in-house chip and issued highly optimistic revenue projections. Satellite services provider EchoStar surged 7.43 percent following reports that SpaceX, in which it holds a stake, is aiming to file for an initial public offering as soon as this week.
JetBlue Airways jumped 13.37 percent following media reports that the carrier is actively exploring potential merger partners. Terns Pharmaceuticals rose 5.72 percent after agreeing to a 6.7 billion-dollar cash acquisition by Merck.
Following the earnings, shares of online pet retailer Chewy jumped 13.3 percent.
