Wall Street rallies on renewed hopes for US-Iran talks, earnings boost

STORY: Wall Street's main indexes rallied on Tuesday, with the Dow gaining two-thirds of a percent, the S&P 500 adding more than 1% and the Nasdaq climbing nearly 2%.:: FilePresident Donald Trump told the New York Post that talks to end the Iran war could resume over the next two days, boosting investor optimism. Meanwhile, inflation data showed U.S. producer prices, while still elevated, increased less than expected in March.Brian Krawez, president of Scharf Investments, explains."You've got PPI running at 4% annually. Obviously, that's well above the Fed's 2% target, but it was supposed to come in at 4.6. And if you look under the hood, core PPI on a monthly basis, taking out food and energy, was actually only at 0.1%. So the story for the market is easing inflation pressures, easing geopolitical risks, and then you're getting a strong risk rally with oil coming off and stocks going up."Big banks reported more earnings on Tuesday, with Citigroup beating first-quarter profit estimates, sending its shares up more than 2.5% to their highest level in nearly two decades.:: FileJPMorgan Chase posted a bigger-than-expected jump in first-quarter profit, but CEO Jamie Dimon warned of mounting global economic risks. Shares ended lower.And shares of Wells Fargo fell more than 5.5% after the bank reported first-quarter interest income and revenue that fell short of Wall Street expectations.:: American AirlinesMeanwhile, shares of United Airlines and American Airlines - both bumpy of late - climbed 2% and 8%, respectively, after Reuters reported that United CEO Scott Kirby had pitched a potential merger with American Airlines to President Trump earlier this year, raising the prospect of a deal that could reshape the industry.