Oil prices plunged below $95 per barrel, and stock markets surged worldwide after President Donald Trump pulled back from his threat of devastating attacks against Iran.

The S&P 500 leaped 2.5% Wednesday after Trump announced a two-week ceasefire. The Dow Jones Industrial Average soared 1,325 points, and the Nasdaq composite rallied 2.8%.

To be sure, stock prices are still below where they were before the war. And oil prices are still higher because the threat remains that the war could continue. Prices for both stocks and oil pared big moves as trading progressed Wednesday.

On Wednesday:

The S&P 500 rose 165.96 points, or 2.5%, to 6,782.81.

The Dow Jones Industrial Average rose 1,325.46 points, or 2.8%, to 47,909.92.

The Nasdaq composite rose 617.15 points, or 2.8%, to 22,635.00.

The Russell 2000 index of smaller companies rose 75.51 points, or 3% to 2,620.46.

For the week:

The S&P 500 is up 200.12 points, or 3%.

The Dow is up 1,405.25 points, or 3%.

The Nasdaq is up 755.81 points, or 3.5%.

The Russell 2000 is up 90.42 points, or 3.6%.

For the year:

The S&P 500 is down 62.69 points, or 0.9%.

The Dow is down 153.37 points, or 0.3%.

The Nasdaq is down 607.00 points, or 2.6%.

The Russell 2000 is up 138.55 points, or 5.6%.