Canadian and U.S. stock markets up on hopes of deal to end war in the Middle East

People walk in the financial district of Toronto. THE CANADIAN PRESS/Andrew Lahodynskyj

TORONTO — Stock markets in Canada and the United States soared higher in late-morning trading and the price of oil fell amid hopes that the U.S. and Iran are moving closer to an initial agreement to end their war.

The June crude oil contract was down US$7.24 at US$95.03 per barrel.

The S&P/TSX composite index was up 445.69 points at 34,012.60.

• Real-time TSX market updates here

In New York, the Dow Jones industrial average was up 621.07 points at 49,919.32. The S&P 500 index was up 88.32 points at 7,347.54, while the Nasdaq composite was up 369.11 points at 25,695.24.

• Dow Jones updates here

The Canadian dollar traded for 73.41 cents US compared with 73.44 cents US on Tuesday.

The June gold contract was up US$143.90 at US$4,712.40 an ounce.

This report by The Canadian Press was first published May 6, 2026.