Oil Prices Ease Inflation Worries as Wall Street Rallies

Wall Street rallied on Monday as oil prices eased inflation worries.

The S&P 500 climbed over 1%, while the Dow Jones Industrial Average gained more than 500 points and the Nasdaq Composite rose about 2% in afternoon trading.

The advance followed a volatile July, during which investors were concerned that higher energy costs could feed broader price pressures.

Crude prices fell after signs of a shift toward diplomacy in the conflict with Iran. Brent crude traded near $83 a barrel, easing from recent highs and giving a lift to transportation and other companies sensitive to fuel costs.