The Globe and Mail reports in its Wednesday edition that U.S. stocks rallied more than 1 per cent Tuesday as investors welcomed a fragile truce with Israel and Iran while parsing Federal Reserve Chair Jerome Powell's congressional testimony for clues regarding the U.S. central bank's path forward. A Reuters dispatch to The Globe says all three major U.S. stock indexes closed with their second straight session of strong gains following U.S. missile strikes on Iran's uranium enrichment assets. Gains in the S&P/TSX Composite Index were a little less robust, but still sufficient for the Canadian benchmark to close at an all-time high. Late Monday, President Donald Trump announced a cease-fire agreement, which Israel appeared to have violated. Still, investors viewed the cease-fire rhetoric as a sign of de-escalating tensions. "The bulls are out of their bucking shoots," said Greg Bassuk, chief executive officer at AXS Investments in New York. "The ceasefire really is adding fire to the stock market rally." The S&P/TSX composite ended up 109.26 points at 26,718.62, eclipsing the record closing high it posted June 12. The price of oil settled 6 per cent lower at $64.37 (U.S.) a barrel; safe-haven gold also declined.