The US markets ended sharply higher on Monday amid hopes of easing tensions in the Middle East and potential US-Iran de-escalation. Traders seemed to shrug off reports that President Donald Trump has imposed a blockade of all maritime traffic entering and exiting Iranian ports. The U.S. Central Command stated that the blockade would be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman. Further, OPEC reported a sharp decline in crude oil production for March, driven by disruptions linked to the Strait of Hormuz blockade. On the sectoral front, technology stocks led the gains. Software companies rebounded strongly from recent losses, pushing the Dow Jones U.S. Software Index up by 4.6%. Computer hardware stocks also saw strong buying interest, with the NYSE Arca Computer Hardware Index advancing 4.4%.

Nasdaq surged 280.84 points or 1.23 percent 23,183.74, S&P 500 increased 69.35 points or 1.02 percent to 6,886.24, and Dow Jones Industrial Average jumped 301.68 points or 0.63 percent to 48,218.25.