Wall Street advances as investors bet on Mideast de-escalation

STORY: U.S. stocks closed higher on Wednesday with the Dow adding two-thirds of a percent, the S&P 500 gaining more than half a percent and the Nasdaq climbing more than three-quarters of a percent.:: CENTCOMInvestors' hopes for a de-escalation of the Middle East conflict were buoyed by Iran's review of a U.S. proposal to end the war, which helped push oil prices 2% lower.But Chris Kampitsis, managing partner at Barnum Financial Group, advises caution amid a still-volatile market and mixed economic data."It's easy to be hopeful on a day like today. I think optimistic is probably too strong of a word. It's very much a wait and see approach on Wall Street and people are looking for any sign to either exit stage left or get that cash on the sidelines back into the market stage right. [FLASH] And we do think ultimately the economy should base case avoid tipping into recession. But fears of stagflation, fears of resurgent inflation are not misplaced.":: Arm Holdings:: FileStocks on the move Wednesday included U.S.-listed shares of Arm, which rallied more than 16% after the semiconductor company unveiled a new AI data center chip that is expected to bring billions of dollars in revenue. Other chipmakers rallied, including Advanced Micro Devices and Intel, which both gained more than 7%, while Nvidia added 2%.:: SpaceXShares of management investment company Destiny Tech100 surged 15% after a report that SpaceX aims to file its IPO prospectus as soon as this week. SpaceX is the company's largest equity holding.Other space firms rallied on the news, with Rocket Lab adding more than 10% while Intuitive Machines jumped nearly 15% and EchoStar added nearly 7.5%.