NEW YORK, April 22 (Xinhua) -- U.S. stocks closed higher on Wednesday, supported by a decision to extend the two-week ceasefire with Iran and a solid start to the corporate earnings season.
The Dow Jones Industrial Average rose 0.69 percent to 49,490.03. The S&P 500 added 1.05 percent to 7,137.9. The Nasdaq Composite Index increased 1.64 percent to 24,657.57.
Seven of the 11 primary S&P 500 sectors ended in green, with technology and communication services leading the gainers by going up 2.31 percent and 1.41 percent, respectively. Meanwhile, real estate and industrials led the laggards by dropping 0.69 percent and 0.2 percent, respectively.
Stocks gained momentum after the extension of the ceasefire with Iran. However, tensions persisted in the Strait of Hormuz, as Iran's navy reported seizing two container ships on Wednesday despite the extension.
Oil prices rose on the day. West Texas Intermediate crude for June delivery added 3.29 U.S. dollars, or 3.67 percent, to settle at 92.96 U.S. dollars per barrel on the New York Mercantile Exchange. Brent crude for June delivery rose 3.43 U.S. dollars, or 3.48 percent, to settle at 101.91 U.S. dollars per barrel on the London ICE Futures Exchange.
Earnings season continued with a strong start. Boeing climbed 5.53 percent after the aerospace giant reported a smaller-than-expected first-quarter loss. GE Vernova, Philip Morris, and AT&T rose 13.75 percent, 6.98 percent and 0.39 percent, respectively, following their quarterly results.
Shares of all the "Magnificent Seven" technology giants ended higher, with Tesla closing up 0.28 percent ahead of its earnings release after the market close. IBM and ServiceNow were also scheduled to report results later in the day.
Investors continue to monitor developments in the Middle East while shifting attention toward a busy week of corporate earnings.
