NEW YORK — U.S. stocks rose on Friday as investors weighed hopes for progress toward a peace agreement between the United States and Iran alongside the market debut of SpaceX, which raised a record $75 billion in its initial public offering.
The Dow Jones Industrial Average gained about 900 points, or roughly 1.8 percent, while the S&P 500 climbed more than 1.7 percent and the Nasdaq Composite advanced around 2.5 percent, according to market data.
SpaceX, Elon Musk's rocket and satellite company, began trading on the Nasdaq under the ticker SPCX after pricing its shares at $135 each. The offering valued the company at approximately $1.77 trillion at the IPO price and marked the largest initial public offering on record.
Shares of SpaceX rose in early trading, with reports indicating gains of more than 25 percent at times during the session.
The gains came amid easing geopolitical concerns after President Donald Trump stated that the U.S. had made progress toward ending conflict with Iran and canceled planned strikes. Trump described a potential "great settlement" that could reopen the Strait of Hormuz and lead to further talks.
Pakistani Prime Minister Shehbaz Sharif, whose country has helped mediate, said a final text of a peace agreement had been reached and that next steps were being finalized.
Iranian officials have cautioned that no final deal has been confirmed, describing some reports as speculation. Details of any agreement, including on Iran's nuclear program, remain subject to further negotiations, officials from both sides have indicated.
"Peace has never been this close as it is now," Sharif said in a statement.
The developments helped lift investor sentiment after recent volatility tied to geopolitical tensions and economic data. Oil prices eased on optimism about potential reopening of the Strait of Hormuz, a key waterway for global energy shipments.
SpaceX's debut drew significant attention as one of the most anticipated IPOs in years. The company, known for its Starlink satellite internet and reusable rockets, has grown rapidly. The IPO is expected to create substantial wealth for employees and early investors, with Musk's stake pushing his net worth higher.
Market participants noted the dual catalysts of reduced Iran-related risks and excitement around the SpaceX listing. However, analysts cautioned that sustained gains would depend on further clarity on any U.S.-Iran agreement and broader economic factors.
Trading volume was elevated, particularly in technology and space-related shares. The session followed mixed performance earlier in the week amid fluctuating news on Iran and corporate earnings.
As of late Friday, the major indexes held their gains. Further details on the U.S.-Iran negotiations are expected in the coming days, while SpaceX trading continues to be closely watched.
