The US markets ended higher on Wednesday after US President Donald Trump extended the ceasefire with Iran by two weeks, offering a brief respite to investors amid escalating geopolitical tensions. Besides, a round of solid corporate earnings also lifted investor sentiment. Traders took a note of report released by the Energy Information Administration (EIA) showed that US crude inventories rose by 1.925 million barrels to 465.7 million barrels in the week ended April 17, compared with expectations for a 1.2 million barrel draw. Stocks at the Cushing, Oklahoma hub increased by 8,06,000 barrels. Refinery activity eased, with crude runs falling by 55,000 barrels per day and utilisation rates down 0.5 percentage points. In contrast, fuel stocks tightened more than expected. Gasoline inventories dropped by 4.6 million barrels to 228.4 million, compared with forecasts for a 1.5 million barrel decline. Distillate stocks, including diesel and heating oil, fell by 3.4 million barrels to 108.1 million, also exceeding expectations for a 2.5 million barrel draw. 

Nasdaq surged 397.60 points or 1.64 percent to 24,657.56, S&P 500 rose 73.89 points or 1.05 percent to 7,137.90 and Dow Jones Industrial Average was up by 340.65 points or 0.69 percent to 49,490.03.