NEW YORK, June 24, 2025 (BSS/AFP) - Wall Street stocks rose early Tuesday, extending a rally as markets cheer an apparent ceasefire in the Iran-Israel war.

US President Donald Trump said that the truce between Iran and Israel was in effect, a day after Tehran struck at a US base in Qatar -- a move that came after US strikes on Iranian nuclear facilities.

The Iranian missile launch did not damage oil infrastructure.

Stocks had risen Monday following a steep drop in oil prices.

About 25 minutes into trading, the Dow Jones Industrial Average was up 0.7 percent at 42,895.54.

The broad-based S&P 500 gained 0.8 percent to 6,070.44, while the tech-rich Nasdaq Composite Index jumped 1.0 percent to 19,835.16.

Meanwhile, Federal Reserve Chair Jerome Powell emphasized in prepared congressional testimony that the central bank can afford to wait for the impact of tariffs before deciding on further interest rate cuts.

The statement comes as Powell faces continuing pressure from Trump to cut interest rates. It also comes after two Fed officials recently expressed openness to cuts as early as in July.