US stocks boosted by drop in oil prices
- S&P 500 advanced 0.6% while Nasdaq Composite Index jumped 0.8%
Wall Street stocks rose Monday as President Trump's softened stance on Iran eased geopolitical tensions, leading to a drop in oil prices and boosting market optimism.
- President Trump's comments on a potential Iran deal.
- Significant drop in global oil prices.
- Upcoming jobs data and major company earnings.
NEW YORK: Wall Street stocks bounced early Monday after Presdent Donald Trump held off on new attacks on Iran, pressuring oil prices.
Trump, who had last week threatened severe attacks on Iran, said Saturday that the “perimeters” of a deal were present, although Iran officials denied that there were ongoing talks with the United States.
Oil prices fell more than five percent.
About 15 minutes into trading, the Dow Jones Industrial Average was up 1.1 percent at 53,072.36.
The broad-based S&P 500 advanced 0.6 percent to 7,535.94, while the tech-rich Nasdaq Composite Index jumped 0.8 percent to 25,566.98.
“Obviously the market likes hearing that there may be some progress in the Persian Gulf,” said Steve Sosnick of Interactive Brokers.
“We’ve heard this news before and it hasn’t led to much, but the market always seems optimistic when they hear something of this type.”
This week’s calendar includes monthly jobs data for July as well as earnings from Disney, McDonald’s and SpaceX.
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