NEW YORK (AP) — U.S. stocks rose toward their all-time high on Tuesday after oil prices eased further on hopes that Israel’s war with Iran will not damage the global flow of crude.
The S&P 500 climbed 1.1%, following up on big gains for stocks across Europe and Asia, after President Donald Trump said late Monday that Israel and Iran had agreed to a “complete and total ceasefire.” The main measure of Wall Street’s health is back within 0.8% of its record set in February after falling roughly 20% below during the spring.
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Specialist Dilip Patel, left, and trader Robert Charmak work on the floor of the New York Stock Exchange, Monday, June 23, 2025. (AP Photo/Richard Drew)
Trader Patrick Casey, left, works on the floor of the New York Stock Exchange, Monday, June 23, 2025. (AP Photo/Richard Drew)
A Wall Street sign hangs near to the New York Stock Exchange, Wednesday, June 18, 2025, in New York. (AP Photo/Yuki Iwamura)
People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, June 24, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)
A person stands in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, June 24, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, June 24, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)
People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, June 24, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)
The Dow Jones Industrial Average jumped 507 points, or 1.2%, and the Nasdaq composite rallied 1.4%.
The strongest action was again in the oil market, where a barrel of benchmark U.S. crude fell 6% to settle at $64.37. Brent crude, the international standard, had a similar drop.
The fear throughout the Israel-Iran conflict has been that it could squeeze the world’s supply of oil, which would pump up prices for gasoline and hurt the global economy. Iran is a major producer of crude, and it could also try to block the Strait of Hormuz off its coast, through which 20% of the world’s daily oil needs passes on ships.
Oil prices began falling sharply on Monday after Iran launched what appeared to be a limited retaliatory strike to the United States’ entry into the war, one that did not target the production or movement of oil. They kept falling even after attacks continued past a deadline to stop hostilities early Tuesday. Trump later said that the ceasefire was “in effect.”
Oil prices have dropped so much in the last two days that they’re below where they were before the fighting began nearly two weeks ago.
With the global oil market well supplied and the OPEC+ alliance of producing countries steadily increasing production, oil prices could be headed even lower as long as the ceasefire holds and a lasting peace solution can be found, said Carsten Fritsch, commodities analyst at Commerzbank.
Falling oil prices should take some pressure off inflation, and that in turn could give the Federal Reserve leeway to resume cutting interest rates.
Wall Street loves lower rates because they boost the economy by making it cheaper for U.S. households and businesses to borrow money to buy a car or build a factory. But they could also give inflation more fuel. That threat is why the Fed has been hesitant to cut rates this year after lowering them through the end of last year.
The Fed has said repeatedly that it wants to wait and see how much Trump’s tariffs will hurt the economy and raise inflation before committing to its next move. So far, the economy seems to be holding up OK, though a report on confidence among U.S. consumers came in weaker than economists expected on Tuesday, and inflation has remained only a bit above the Fed’s 2% target.
Trump has been pushing loudly for more cuts to rates. And two of his appointees to the Fed have said recently they may consider cutting rates as soon as the Fed’s next meeting next month.
Fed Chair Jerome Powell remains more cautious, though he he did indicate Tuesday that the Fed's next move is likely to be a cut.
Asked during testimony before a Congressional committee whether a reduction could arrive as soon as July, Powell said, “We will get to a place where we cut rates, sooner rather than later – but I wouldn’t want to point to a particular meeting. I don’t think we need to be in any rush because the economy is still strong.”
That helped Treasury yields ease in the bond market. The yield on the 10-year Treasury fell to 4.29% from 4.34% late Monday.
The two-year Treasury yield, which more closely tracks expectations for Fed action, fell to 3.81% from 3.84%.
On Wall Street, cruise operator Carnival steamed 6.9% higher after the cruise operator delivered a much bigger profit for the latest quarter than analysts expected.
CEO Josh Weinstein said it’s seeing strong demand from people booking cruises close to the departure date, and customers are spending strongly once on board. Carnival also raised its forecast for an underlying measure of profit for the full year.
Uber Technologies rose 7.5% after it said customers in Atlanta can use its app to ride in Waymo autonomous vehicles.
Coinbase Global rallied 12.1% as the cryptocurrency exchange rose with the price of bitcoin, which jumped back above $105,000.
All told, the S&P 500 rose 67.01 points to 6,092.18. The Dow Jones Industrial Average climbed 507.24 to 43,089.02, and the Nasdaq composite rallied 281.56 to 19,912.53.
In stock markets abroad, indexes rallied at least 1% everywhere from France to Germany to Japan following the announcement of the Israel-Iran ceasefire. Hong Kong’s jump of 2.1% and South Korea’s leap of 3% were two of the strongest moves.
Specialist Dilip Patel, left, and trader Robert Charmak work on the floor of the New York Stock Exchange, Monday, June 23, 2025. (AP Photo/Richard Drew)
Trader Patrick Casey, left, works on the floor of the New York Stock Exchange, Monday, June 23, 2025. (AP Photo/Richard Drew)
A Wall Street sign hangs near to the New York Stock Exchange, Wednesday, June 18, 2025, in New York. (AP Photo/Yuki Iwamura)
People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, June 24, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)
A person stands in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, June 24, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, June 24, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)
People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, June 24, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)
MINNEAPOLIS (AP) — Federal agents carrying out immigration arrests in Minnesota's Twin Cities region already shaken by the fatal shooting of a woman rammed the door of one home Sunday and pushed their way inside, part of what the Department of Homeland Security has called its largest enforcement operation ever.
In a dramatic scene similar to those playing out across Minneapolis, agents captured a man in the home just minutes after pepper spraying protesters outside who had confronted the heavily armed federal agents. Along the residential street, protesters honked car horns, banged on drums and blew whistles in attempts to disrupt the operation.
Video of the clash taken by The Associated Press showed some agents pushing back protesters while a distraught woman later emerged from the house with a document that federal agents presented to arrest the man. Signed by an immigration officer, the document — unlike a warrant signed by a judge — does not authorize forced entry into a private residence. A warrant signed by an immigration officer only authorizes arrest in a public area.
Immigrant advocacy groups have conducted extensive “know-your-rights” campaigns urging people not to open their doors unless agents have a court order signed by a judge.
But within minutes of ramming the door in a neighborhood filled with single-family homes, the handcuffed man was led away.
More than 2,000 immigration arrests have been made in Minnesota since the enforcement operation began at the beginning of December, said Homeland Security spokesperson Tricia McLaughlin.
Homeland Security Secretary Kristi Noem told Fox News on Sunday that the administration would send additional federal agents to Minnesota to protect immigration officers and continue enforcement.
The Twin Cities — the latest target in President Donald Trump’s immigration enforcement campaign — is bracing for what is next after 37-year-old Renee Good was shot and killed by an immigration officer on Wednesday.
“We’re seeing a lot of immigration enforcement across Minneapolis and across the state, federal agents just swarming around our neighborhoods,” said Jason Chavez, a Minneapolis city councilmember. “They’ve definitely been out here.”
Chavez, the son of Mexican immigrants who represents an area with a growing immigrant population, said he is closely monitoring information from chat groups about where residents are seeing agents operating.
People holding whistles positioned themselves in freezing temperatures on street corners Sunday in the neighborhood where Good was killed, watching for any signs of federal agents.
More than 20,000 people have taken part in a variety of trainings to become “observers” of enforcement activities in Minnesota since the 2024 election, said Luis Argueta, a spokesperson for Unidos MN, a local human rights organization .
“It’s a role that people choose to take on voluntarily, because they choose to look out for their neighbors,” Argueta said.
The protests have been largely peaceful, but residents remained anxious. On Monday, Minneapolis public schools will start offering remote learning for the next month in response to concerns that children might feel unsafe venturing out while tensions remain high.
Many schools closed last week after Good’s shooting and the upheaval that followed.
While the enforcement activity continues, two of the state’s leading Democrats said that the investigation into Good's shooting death should not be overseen solely by the federal government.
Minneapolis Mayor Jacob Frey and U.S. Sen. Tina Smith said in separate interviews Sunday that state authorities should be included in the investigation because the federal government has already made clear what it believes happened.
“How can we trust the federal government to do an objective, unbiased investigation, without prejudice, when at the beginning of that investigation they have already announced exactly what they saw — what they think happened," Smith said on ABC’s "This Week."
The Trump administration has defended the officer who shot Good in her car, saying he was protecting himself and fellow agents and that Good had “weaponized” her vehicle.
Todd Lyons, acting director of U.S. Immigration and Customs Enforcement, defended the officer on Fox News Channel’s “The Sunday Briefing.”
"That law enforcement officer had milliseconds, if not short time to make a decision to save his life and his other fellow agents,” he said.
Lyons also said the administration’s enforcement operations in Minnesota wouldn't be needed “if local jurisdictions worked with us to turn over these criminally illegal aliens once they are already considered a public safety threat by the locals.”
The killing of Good by an ICE officer and the shooting of two people by federal agents in Portland, Oregon, led to dozens of protests in cities across the country over the weekend, including New York, Los Angeles, Washington D.C. and Oakland, California.
Contributing were Associated Press journalists Giovanna Dell’Orto in Minneapolis; Thomas Strong in Washington; Bill Barrow in Atlanta; Christopher Weber in Los Angeles; and John Seewer in Toledo, Ohio.
A woman gets into an altercation with a federal immigration officer as officers make an arrest Sunday, Jan. 11, 2026, in Minneapolis. (AP Photo/John Locher)
A federal immigration officer deploys pepper spray as officers make an arrest Sunday, Jan. 11, 2026, in Minneapolis. (AP Photo/John Locher)
A family member, center, reacts after federal immigration officers make an arrest Sunday, Jan. 11, 2026, in Minneapolis. (AP Photo/John Locher)
Bystanders are treated after being pepper sprayed as federal immigration officers make an arrest Sunday, Jan. 11, 2026, in Minneapolis. (AP Photo/John Locher)
A family member reacts after federal immigration officers make an arrest Sunday, Jan. 11, 2026, in Minneapolis. (AP Photo/John Locher)
Federal agents look on after detaining a person during a patrol in Minneapolis, Minn., Sunday, Jan. 11, 2026. (Christopher Katsarov/The Canadian Press via AP)
Bystanders react after a man was detained by Immigration and Customs Enforcement (ICE) agents during a traffic stop, Sunday, Jan. 11, 2026, in Robbinsdale, Minn. (AP Photo/John Locher)
People stand near a memorial at the site where Renee Good was fatally shot by an ICE agent, Sunday, Jan. 11, 2026, in Minneapolis. (AP Photo/Jen Golbeck)
A man looks out of a car window after being detained by Immigration and Customs Enforcement (ICE) agents during a traffic stop, Sunday, Jan. 11, 2026, in Robbinsdale, Minn. (AP Photo/John Locher)
Border Patrol agents detain a man, Sunday, Jan. 11, 2026, in Minneapolis. (AP Photo/Adam Gray)
People shout toward Border Patrol agents making an arrest, Sunday, Jan. 11, 2026, in Minneapolis. (AP Photo/Adam Gray)
Demonstrators protest outside the White House in Washington, Saturday, Jan. 10, 2026, against the Immigration and Customs Enforcement agent who fatally shot Renee Good in Minneapolis. (AP Photo/Jose Luis Magana)
Minneapolis Mayor Jacob Frey holds a news conference on Saturday, Jan. 10, 2026, in Minneapolis. (AP Photo/Jen Golbeck)
Protesters react as they visit a makeshift memorial during a rally for Renee Good, who was fatally shot by an ICE officer earlier in the week, Saturday, Jan. 10, 2026, in Minneapolis. (AP Photo/John Locher)
