05:09 PM EDT, 03/31/2026 (MT Newswires) -- US equity benchmarks logged their biggest one-day gains since May, though Wall Street finished March in the red as investors were spooked by the Middle East conflict.

The Nasdaq Composite jumped 3.8% to 21,590.6, while the S&P 500 rose 2.9% to 6,528.5. The Dow Jones Industrial Average added 2.5% to close at 46,341.5.

Barring energy and utilities, all sectors rose, led by communication services' 4.4% surge, followed by technology's 4.2% advance.

For the month of March, the Dow shed 5.4%, while the S&P 500 lost 5.1%. The Nasdaq slumped 4.7%. The US-Israel war with Iran began at the end of February and spread across the Middle East, disrupting supply chains and fueling inflationary pressures.

West Texas Intermediate crude oil was last down 1.1% at $101.79 per barrel on Tuesday, while Brent fell 3.3% at $103.83. US gasoline prices surged past $4 per gallon.

The war could end soon, The New York Post reported Tuesday, citing US President Donald Trump.

"It's a total obliteration" in Iran, Trump reportedly said. "We won't have to be there much longer -- but we have more work to do in terms of killing their offensive, whatever offensive capability they have left."

The Wall Street Journal reported on Monday that Trump was willing to end the war even if the Strait of Hormuz -- the world's most important chokepoint for crude flows -- remains largely closed.

The latest oil price shock comes at a time when inflation in the US already has been "too high for too long," Kansas City Federal Reserve President Jeff Schmid said.

"I don't think we can be complacent about the risks to inflation expectations," Schmid said. "With inflation already running hot, now is not the time to assume that the inflation from higher oil prices will be transitory."

US Treasury yields were lower, with the 10-year rate last down 3.5 basis points at 4.32% and the two-year rate falling 3.5 basis points to 3.80%.

In economic news, US job openings dropped more than projected last month, while the hiring rate reached its lowest reading since April 2020, according to official data, which ING Bank said don't bode well for future wage growth.

"None of this is good news for future wage growth, but that in itself will help to moderate second-round price effects from higher energy costs, so the consolation is that it provides some comfort for the Federal Reserve," James Knightley, US chief international economist at ING, said in a note.

Private job openings dropped to 6.18 million last month from 6.49 million in January. Vacancies fell by 213,000 in leisure and hospitality, and by 78,000 in private education and health services, according to the Bureau of Labor Statistics report.

"One month doesn't make a trend, but the data predates the US/Israel-Iran war, which will test the labor market," Oxford Economics said in a note. "Weaker household spending and uncertainty are likely to influence (firms') hiring intentions and delay any rebound in the hiring rate."

US consumer confidence unexpectedly rose in March as views on current conditions improved, outweighing pessimism around the economic fallout from the Iran war, the Conference Board said.

In company news, chipmaking giant Nvidia ( NVDA ) has invested $2 billion in chip designer Marvell Technology ( MRVL ) as part of a partnership between the companies. Nvidia ( NVDA ) shares climbed 5.6%, the second-top gainer on the Dow, while Marvell ( MRVL ) surged nearly 13%.

Biogen (BIIB) agreed to acquire biopharmaceutical firm Apellis Pharmaceuticals ( APLS ) , strengthening the former's immunology and rare disease portfolio and accelerating its expansion into nephrology. Apellis shares soared 135%, while Biogen fell 2.3%.

McCormick ( MKC ) agreed to combine with Unilever's ( UL ) food business in a deal that values the London-based consumer goods giant's unit at about $44.8 billion. Unilever's ( UL ) US-listed shares were down 5%, while McCormick ( MKC ) fell 6.1%.

Gold was last up 3.2% at $4,703.30 per troy ounce, while silver jumped 6.9% to $75.45 per ounce.