Equities rallied hard Thursday as investors bet the Iran war was winding down. The S&P 500 jumped about 1.8 percent, snapping a two-day slide, and a closely watched chipmakers gauge surged nearly 8 percent as risk appetite returned.
The optimism rolled into Asia, where a regional benchmark rose 3.3 percent and South Korea's Kospi leapt 8.1 percent, while U.S. and European futures pointed higher into Friday.
The catch is familiar. No deal is signed, and past rallies on similar signals have unwound quickly.
Sources: Bloomberg, Bloomberg Asia, TheStreet.
