Dow Smashes Record High as Tech Stocks Soar and Oil Prices Plummet

The stock market surged on Monday as shares of major tech companies rose significantly. The Dow Jones Industrial Average (Dow) jumped to a record close, surpassing its previous high set just above $53,000 in July. This milestone was achieved despite some volatility in the markets earlier this month.

Oil prices also fell sharply after US President Trump called off planned strikes against Iran. Brent crude futures dropped 5% to trade at $83.46 a barrel, while West Texas Intermediate (WTI) futures slid more than 7% to $78.59 per barrel.

The major averages showed strong gains, with the Dow up 693 points or 1.3%, and the S&P 500 up 1.5%. The NASDAQ also performed well, rising 2.1%.