The US stock market experienced a positive increase after recording similar movements yesterday.
All major indexes rose supported by President Donald Trump's announcement that Israel and Iran had agreed to implement a ceasefire after the protracted war conflict dubbed the "12-day war."
Dow Jones futures rose 1.19%, the S&P 500 gained 1.11%, while the technology-focused Nasdaq gained 1.43%.
Trump announced that Iran would begin a 12-hour pause, followed by Israel, before the two sides officially ended hostilities 24 hours later.
The announcement was made after the US bombing attacks on three Iranian sites, namely Fordow, Natanz and Isfahan on Sunday.
Indirectly, Trump's statement may pave the way for an end to the bloody 12-day conflict between Israel and Iran.
However, the durability of the ceasefire has been questioned after Trump criticized both countries for violating the agreement shortly after its announcement.
According to a Reuters report, Israel carried out an airstrike on a radar installation outside Tehran at 3 a.m. yesterday - a few hours before the ceasefire took effect and lasted until the early hours of the morning.
In addition, Trump also warned Israel to stop the attacks and withdraw its pilots to avoid the collapse of the ceasefire talks.
In another focus, Federal Reserve (Fed) Chairman Jerome Powell said the central bank was not ready to cut interest rates as it was waiting for clearer inflation data and signs of economic stability during his speech before Congress yesterday.
He also remained wary of the risk of rising inflation while the labor market remains stable, and continued to monitor global and domestic economic policy developments.
US stock market volume recorded $16.94 billion compared to an average of $18.12 billion for 20 full trading days.
