Global Stocks Surge as Oil Prices Retreat and Bond Yields Ease
The global stock markets are experiencing an uptrend on Monday after oil prices and bond yields gave back some of their gains from last week.
The S&P 500 rose by 1% and is now within 0.9% of its all-time high set in August, while the Dow Jones Industrial Average increased by 193 points or 0.4%, and the Nasdaq composite jumped by 1.6%.
The decrease in oil prices helped ease some pressure from the bond market. The yield on the 10-year Treasury fell to 4.96% from 5.01% late Friday, after crossing above the 5% threshold last week for the first time in three years.
Oil prices have been fluctuating due to the ongoing war with Iran and the Strait of Hormuz crisis, but Brent oil's price dropped by 3.4% to $100.29, down from nearly $110 it touched last week.
The average price for a gallon of regular gasoline across the United States has climbed to nearly $4.48, up from less than $4.32 just a week earlier and from $3.18 a year ago.