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Stocks rallied, with the Nasdaq Composite Index rising to the highest level since July, as the rotation from momentum to value shares that began at the start of the week slowed. Crude oil plunged after President Donald Trump indicated that sanctions on Iran could be eased.

The Nasdaq rose for the first time in four days as Apple’s cheaper priced iPhone gave analysts reason to cheer, while the Dow Jones Industrial Average gained for a sixth day and the S&P 500 closed above 3,000 for the first time in six weeks. Trump earlier urged the Federal Reserve to cut interest rates to “zero, or less,” in a tweet, while China moved to lessen the trade war’s repercussions by announcing a range of U.S. goods to be exempted from 25% extra tariffs put in place last year.

“Get a trade deal, get a dovish Fed, decent valuations, lower interest rates, and all of a sudden, you have the tinder potentially for markets to move higher,” Jeff Mortimer, director of investment strategy for BNY Mellon Wealth Management, said in an interview at Bloomberg’s New York headquarters.

Crude oil futures fell as much as 2.8% in London. Trump is preparing to meet with Iranian President Hassan Rouhani later this month, according to people familiar with the matter. Such talks would be unprecedented for an administration that made isolating the Islamic Republic a cornerstone policy. The dollar strengthened, while benchmark Treasury yields lingered near one-month highs.

Equities are rebounding in September on hopes for fresh monetary stimulus from the European Central Bank on Thursday and the Fed next week, while market-supportive measures by China helped lift sentiment. Strong monetary easing is not a given, though, with some investors dialing back their expectations of accommodation and bond traders pulling back from the more bullish sentiment of August.

These are the main moves in markets:

--With assistance from Andrew Cinko.

To contact the reporter on this story: Vildana Hajric in New York at vhajric1@bloomberg.net

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka

©2019 Bloomberg L.P.

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