US stocks close up on Iran diplomacy hopes; tech leads rebound

<2>US Stocks Close Up on Iran Diplomacy Hopes; Tech Leads Rebound

<3>Market Overview

The US stock market closed higher on Bloomberg reports, driven by optimism over diplomatic efforts to revive the Iran nuclear deal. The S&P 500 index rose 1.3% to 4,238.51, while the Dow Jones Industrial Average gained 1.1% to 34,639.27. The tech-heavy Nasdaq Composite led the rebound, surging 2.1% to 14,295.51.

<3>Key Drivers

The market’s positive sentiment was fueled by reports of progress in Iran-US diplomacy, which has boosted hopes for a revival of the Joint Comprehensive Plan of Action (JCPOA). The deal, also known as the Iran nuclear deal, was signed in 2015 but has been under threat since the US withdrew from it in 2018.

<3>Technical Analysis

From a technical perspective, the S&P 500 index has broken above its 50-day moving average, which is a bullish sign. The index has also formed a golden cross, where the 50-day moving average has crossed