Dow Soars Past $53K as Trump Calls Off Iran Strikes

The Dow Jones Industrial Average jumped to a new record high on Monday after a surprise move by President Trump. The major tech companies' shares surged, leading to a 693-point increase in the Dow, or 1.3%, surpassing its previous high close of just above 53,000 set on July 6.

The S&P 500 and NASDAQ also saw significant gains, with the former rising by 1.5% and approaching the all-time high it reached in early June. The latter increased by 2.1%. Oil prices fell after President Trump called off planned strikes against Iran, adding to the market's momentum.

The fall in oil prices contributed to the market movement, with Brent crude futures dropping 5% to $83.46 a barrel and West Texas Intermediate futures sliding over 7% to $78.59 per barrel. This marked the first trading day for August, as major averages sought to stabilize after an up-and-down July.