Dow Smashes Records, Oil Prices Plummet Amid Iran Strike Cancellation

The US stock market achieved a record close on Monday as major tech companies experienced significant gains. The Dow jumped by 693 points, representing a 1.3% increase and surpassing its previous high of just above $53,000 set on July 6.

The S&P 500 followed suit with a 1.5% rise, approaching the all-time high it reached in early June. The NASDAQ was up by 2.1%, further contributing to the market's upward trend.

Oil prices also played a role in the market movement, falling after President Trump called off planned strikes against Iran. Brent crude futures dropped by 5% to $83.46 per barrel, while West Texas Intermediate futures slid over 7% to $78.59 per barrel.