Wall Street rallies, S&P 500 nears record high

Wall Street advanced as investors welcomed a fragile truce with Israel and Iran while parsing Federal Reserve Chair Jerome Powell’s congressional testimony for clues regarding the U.S. central bank’s path forward. Global shares were on track for a second straight day of gains with oil prices plummeting further as market sentiment was lifted by the easing of Middle East tensions, after Israel and Iran agreed to a ceasefire.