Stocks rallied after President Donald Trump said the U.S. and Iran have held talks and that he was halting strikes on Iranian power plants and energy infrastructure, giving investors hope that the Middle East conflict that spiked oil prices and raised fears of a global recession was nearing an end.

The Dow Jones Industrial Average jumped 959.73 points, or 2.11%. The S&P 500 rose 1.89%, while the Nasdaq Composite gained 2.08%. Before Trump’s comments, futures were pointing to more losses for equity markets under siege from skyrocketing oil prices and uncertainty about when the duration of the Iran conflict. But after Trump’s comments, Dow futures briefly surged more than 1,000 points.

Big tech stocks jumped. Palantir up over 5%; Broadcom up 4%; Tesla, Amazon up over 3%; Nvidia, AMD up over 2%.

Crude prices dropped after Trump’s post with West Texas Intermediate futures falling more than 7% to around $90 a barrel. International benchmark Brent fell more than 8% to $102 a barrel.

“I am pleased to report that the United States of America, and the country of Iran, have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East,” wrote Trump in a Truth Social post.

“Based on the tenor and tone of these in depth, detailed, and constructive conversations, which will continue throughout the week, I have instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five day period, subject to the success of the ongoing meetings and discussions,” the president added.