Morning Business Report: Stocks rise on Iran deal optimism as Americans plan relaxed summer

Stocks climbed Wednesday amid growing optimism surrounding a possible framework for a peace agreement between the United States and Iran.

(LILAMAX)- Stocks climbed Wednesday amid growing optimism surrounding a possible framework for a peace agreement between the United States and Iran, even as President Donald Trump cautioned that direct negotiations are not close yet.

When asked whether a peace deal with Iran was near, Trump responded, “I don’t think so,” though investors still reacted positively to signs that diplomatic progress could be developing.

The market rally pushed the Dow Jones Industrial Average above 50,000 for the first time since February during trading, though the index later closed below that milestone. Technology and artificial intelligence stocks helped drive the gains, with the Nasdaq and S&P 500 both reaching new record highs.

Meanwhile, the United States continued exporting oil at historic levels in April. Exports averaged 5.3 million barrels per day over a four-week period, with one week peaking at 6.4 million barrels per day.

In the tech industry, Apple agreed to a $250 million settlement in a class action lawsuit involving artificial intelligence features tied to the iPhone 16. The lawsuit accused the company of misleading consumers by promoting advanced AI capabilities and Siri upgrades that were allegedly unavailable when the phone launched in 2024.

Some iPhone users may now qualify for compensation under the settlement agreement.

A new nationwide survey also suggests Americans are prioritizing simplicity and relaxation heading into the warmer months. The survey of 2,000 adults, commissioned by Current and conducted by Talker Research, found nearly half of respondents want a low-pressure spring and summer focused on relaxation.

About 30% of those surveyed said they hope to spend as much time outdoors as possible, while others said simple gatherings like backyard barbecues and pizza nights are part of their ideal summer plans.