Wall Street’s major indexes rose on Monday as investors appeared optimistic that a resolution to the Middle East war could be reached while looking past failed weekend talks between the US and Iran and eyeing the start of the earnings reporting season.

The Nasdaq and S&P 500 picked up some steam Monday afternoon after a muted start to the day after U.S. President Donald Trump said Iran wants a deal but won’t come to any agreement that would allow Tehran to have nuclear weapons.

This was after Trump announced that the US military had begun a blockade of ships leaving Iranian ports, while Tehran threatened to retaliate against the ports of its Gulf neighbors after weekend talks on ending the war.

“And so negotiations on, negotiations off, especially in the midst of this truce, which seems to be holding for the moment,” said Mark Lucchini, chief investment strategist at Janney Montgomery Scott in Philadelphia.

“Investors are afraid of being caught on the sidelines, that if we have a quick resolution, the market could rally significantly and they’ll be left on the sidelines.”

It also helped that crude oil futures pared earlier gains below the $100 level. Chicago Federal Reserve President Austin Goolsby said oil futures markets are pricing in the expectation that the surge in oil prices will be short-lived and that the impact on the US economy may be limited as long as this is the case.

According to preliminary data, the S&P 500 rose 69.34 points, or 1.02%, to end at 6,886.23 points, while the Nasdaq Composite gained 280.51 points, or 1.23%, to 23,183.40. The Dow Jones Industrial Average rose 291.09 points, or 0.61%, to 48,207.66.

Among the S&P 500’s 11 major industry sectors, technology was the biggest gainer during the session, with a boost from software companies including Microsoft and Oracle. The iShares Broadened Tech-Software Index ETF, which has underperformed sharply this year on worries about AI disruption, rallied on Monday.

Defensive utilities and consumer staples sectors lagged behind.

Goldman’s results underwhelm

Investors were less impressed by Goldman Sachs’ kick-off to the first-quarter earnings season. Its shares outpaced its gains on concerns of weakness in fixed income, currency and commodities trading revenues.

“We don’t see the market really paying much attention to the earnings beat,” said Peter Cardillo, chief market economist at Spartan Capital Securities. “And that’s all because of the prospect of higher inflation, weaker economic activity and the Fed being forced to be on hold for a long, long time.”

Goldman CEO David Solomon said market volatility stemming from the conflict had tempered IPO execution, but the environment remains strong and activity will resume once conditions stabilize.

Among other individual stocks, shares of Allogene Therapeutics rallied, hitting their highest level in two years after interim data from a mid-stage study showed its blood cancer therapy reduced the risk of relapse in patients.

Shares of Albemarle, the world’s largest lithium producer, rose after Oppenheimer raised his price target on the company to $222 from $216.

Reduction in travel stock

Airline stocks including United Airlines, Delta Air Lines and American Airlines were buoyed by higher oil prices on fuel cost concerns.

Shares of industrial supplies distributor Fastenal sold off after earnings. SanDisk rallied sharply on April 20 as the memory chipmaker was on track to join the Nasdaq-100 index. Separately, data showed that US existing home sales fell to a nine-month low in March amid growing concerns over tight inventory and the labor market.