CNBC Business News Update Market Close: Stocks Rally, Investors Hope End Of Iran War Is Near, US Crude Oil Still Above $100 Per Barrel 3/31/26
Mar 31, 2026
Mike Santoli, senior markets commentator who breaks down market moves and uncertainty. He discusses the stock rally and recent quarterly losses across indexes. He weighs in on geopolitical risk around Iran and its market implications. He covers oil staying above $100 a barrel and rising pump prices.
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Markets Jump On End-Of-Iran-War Hopes
- U.S. markets rallied sharply on hopes the Iran war could be ending.
- The Dow jumped 1,125 points, S&P rose ~3% and the Nasdaq climbed almost 4%, led by Caterpillar and NVIDIA gains.
Peak Uncertainty May Be Passing But Proof Required
- Mike Santoli suggested peak uncertainty and oil disruption may be behind markets but cautioned proof is still needed.
- He noted the Dow was posting back-to-back daily gains for the first time since March 17th, signaling tentative stabilization.
Rally Came After A Weak Quarter
- Despite Tuesday's rally, major indexes finished March down and Q1 negative for the first time this year.
- The Dow lost 3.5% for the quarter, the S&P fell 4.5%, and the Nasdaq is down about 7% year-to-date.