Dow Soars as Oil Prices Plummet

The US stock market kicked off August with a bang, as all three major indexes rose by more than 1% in morning trading. The Dow Jones Industrial Average led the pack, surging 560 points to a 1.1% gain.

Cheaper oil prices and easing inflation pressure are being credited for the market's turnaround. Brent Crude oil fell sharply after President Trump scrapped planned strikes against Iran, opting instead for diplomatic talks.

The drop in oil prices has reduced inflation concerns, benefiting both value and growth stocks. Alphabet rose 5.3%, with its cloud revenue growth driving the gains. Nvidia also saw a boost, rising 3.1% as its top customers looked good again.