Global Stocks Rise as Oil Prices and Yields Retreat

Global stock markets rallied on Monday as oil prices and bond yields retreated from last week's jumps. The S&P 500 rose 1% to within 0.9% of its all-time high, while the Dow Jones Industrial Average gained 193 points or 0.4%. Brent oil prices fell by 3.4%, dropping from nearly $110 to around $100.29.

The easing pressure from oil and bond markets was a welcome relief for investors, who had been bracing for further increases in yields. The yield on the 10-year Treasury dipped to 4.96% after crossing above the 5% threshold last week for the first time in three years.

However, worries remain about oil availability due to ongoing tensions between Iran and other countries in the Middle East. Morgan Stanley's Michael Wilson cautions that another leg higher in oil prices could keep the US stock market from reaching its forecasted target by year-end.