U.S. stock indexes 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.

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.

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.

Falling oil prices should take some pressure off inflation, and that in turn could give the Federal Reserve leeway to resume cutting interest rates.

Asked Tuesday during testimony before a Congressional committee whether a reduction could arrive as soon as July, Fed Chair Jerome 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, Carnival steamed 6.9% higher after the cruise operator delivered a much bigger profit for the latest quarter than analysts expected.

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 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.

— Associated Press