Mumbai, June 24 -- The Dow jumped 374.96 points or 0.89 percent to finish at 42,581.78, while the NASDAQ rallied 183.56 points or 0.94 percent to close at 19,630.97 and the S&P 500 climbed 57.33 points or 0.96 percent to end at 6,025.17.

Reports suggesting that Iran may block the Strait of Hormuzmade the markets go red for a brief time. as did reports of an Iranian attack on a U.S. base in Qatar. The markets spiked going into the close after Federal Reserve Vice Chair Michelle Bowman indicated support for a rate cut as early as July, citing concerns about the job market and potential easing of inflationary pressures related to tariffs. Additionally, reports of potential tariff reductions between the U.S. and China helped ease market anxi...