The US markets ended firmly higher on Wednesday as easing of geopolitical tensions bolstered markets sentiments after President Donald Trump announced a two-week ceasefire between the United States and Iran, bringing a pause to the war that started more than a month ago. Meanwhile, minutes of the Federal Reserve's latest monetary policy meeting showed a growing openness to rate hikes as policymakers raised their 2026 inflation outlook due to war-related oil shock. Traders took a note of a report released by the Energy Information Administration (EIA) showed US crude inventories rose by 3.1 million barrels to 464.7 million barrels in the week ended April 3, compared with market expectations for a 701,000-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 24,000 barrels in the week. Refinery crude runs fell by 129,000 barrels per day, while utilization rates fell by 0.1 percentage points to 92% in the week. US gasoline stocks fell by 1.6 million barrels in the week to 239.3 million barrels, compared with expectations for a 1.4 million-barrel draw.

Nasdaq rose 617.14 points or 2.8 percent 22,634.99, Dow Jones Industrial Average surged 1,325.46 points or 2.85 percent to 47,909.92 and S&P 500 increased 165.96 points or 2.51 percent to 6,782.81.