NEW YORK, New York - U.S. and Global equity markets closed sharply higher on Wednesday, with nearly every major index posting solid gains led by a remarkable rally in South Korea's KOSPI and broad strength across Europe and North America.

Driving markets was an expectation that an agreement to end the war in Iran is imminent.

In the United States, the Dow Jones Industrial Average advanced 612.34 points, or 1.24 percent, to end the session at 49,910.59.

The Standard and Poor's 500 climbed 105.84 points, or 1.46 percent, finishing at 7,365.06 on volume of 3.653 billion shares.

The NASDAQ Composite outperformed its peers, jumping 512.82 points, or 2.02 percent, to close at 25,838.94.

European markets delivered exceptional results. Germany's DAX surged 516.99 points, or 2.12 percent, to settle at 24,918.69. France's CAC 40 soared 237.11 points, or 2.94 percent, ending at 8,299.42. The EURO STOXX 50 advanced 157.50 points, or 2.68 percent, to 6,027.13, while the Euronext 100 Index climbed 43.43 points, or 2.41 percent, to 1,845.28.

London's FTSE 100 rose 219.55 points, or 2.15 percent, closing at 10,438.66. Belgium's BEL 20 added 115.01 points, or 2.11 percent, to finish at 5,555.15.

Asian markets also closed broadly higher. Japan's Nikkei 225 gained 228.22 points to end at 59,513.12, though specific percentage change data was not immediately available. Hong Kong's Hang Seng Index rose 315.17 points, or 1.22 percent, to 26,213.78. Australia's S&P/ASX 200 added 113.10 points, or 1.30 percent, closing at 8,793.60, while the broader ALL ORDINARIES gained 112.80 points, or 1.27 percent, to 9,016.10.

India's S&P BSE SENSEX climbed 940.73 points, or 1.22 percent, ending at 77,958.52. Indonesia's IDX Composite rose 35.36 points, or 0.50 percent, to 7,092.47. Malaysia's FTSE Bursa Malaysia KLCI advanced 9.44 points, or 0.54 percent, to 1,756.87. New Zealand's S&P/NZX 50 added 109.49 points, or 0.84 percent, finishing at 13,145.19.

South Korea's KOSPI Composite Index was the standout performer of the day, skyrocketing 447.57 points, or 6.45 percent, to close at 7,384.56. Taiwan's TWSE gained 369.56 points, or 0.91 percent, settling at 41,138.85.

China's SSE Composite Index rose 48.01 points, or 1.17 percent, on volume of 1.398 billion shares. Canada's S&P/TSX Composite advanced 414.91 points, or 1.24 percent, to 33,981.82.

In Singapore, the STI Index eked out a modest gain of 6.77 points, or 0.14 percent, to finish at 4,927.38.

In the Middle East, Egypt's EGX 30 Price Return Index surged 1,047.50 points, or 1.99 percent, closing at 53,605.10 on volume of 738.669 million. Israel's TA-125 was a rare decliner, slipping 7.96 points, or 0.18 percent, to end at 4,473.08.

South Africa's Top 40 USD Net TRI Index rallied sharply, jumping 395.89 points, or 5.74 percent, to close at 7,298.37.

The broad-based rally reflected growing investor optimism across global markets that an end to the Iran war was near, with technology and financial sectors leading the way in many regions.

FOREX MARKET UPDATE: U.S. Dollar Slides as Euro and Pound Strengthen, Yen Weakens Sharply

The U.S. dollar traded mixed against major currencies on Wednesday, with the greenback losing ground against the euro, British pound, and Swiss franc, while posting a notable gain against the Japanese yen.

According to the latest foreign exchange quotes, the euro stood at 1.1750 against the U.S. dollar, marking an increase of 0.00572, or 0.49 percent from the previous session. The single currency traded within a daily range of 1.16918 to 1.1796.

Meanwhile, sterling climbed to 1.3594 versus the dollar, up 0.00540, or 0.4 percent. Cable moved between a low of 1.3538 and a high of 1.3641.

The Japanese yen weakened, with the dollar fetching 156.39 yen — a drop of 0.94 percent against the yen, equivalent to a 1.4860-point decline. The pair traded as high as 157.93 and as low as 155.03 during the session.

The Swiss franc strengthened against the dollar, with USD/CHF falling to 0.7785, down 0.57 percent. The pair saw a low of 0.7771 and a high of 0.7834.

The Canadian dollar edged slightly lower against its U.S. counterpart, with USD/CAD rising to 1.3634, a gain of 0.11 percent. The pair ranged between 1.3578 and 1.3641.

Among commodity currencies, the Australian dollar advanced firmly to 0.7238, gaining 0.78 percent, while the New Zealand dollar posted the strongest move of the session, climbing 1.21 percent to 0.5957 against the greenback.

Traders are now looking ahead to upcoming central bank commentary and inflation data for further direction in the global currency markets.

(This report incorporates quotes retrieved with the assistance of artificial intelligence).

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