Oil Prices Plummet, Calming Inflation Worries on Wall Street

Oil prices dipped on Monday, easing worries about inflation and sending US stock indexes higher. The S&P 500 rose 1.3% following a wild July where it swung up and down with oil prices.

The Dow Jones Industrial Average was up 533 points, or 1%, as of 12:27 p.m. Eastern time, and the Nasdaq composite was 2% higher.

Stocks got a lift from the price for a barrel of Brent crude sinking 4.7% to $83.83, following President Donald Trump's decision to hold off on new strikes against Iran at the urging of allies in the region.

Higher yields threaten to undercut prices for stocks and other investments, while slowing the economy by making borrowing more expensive for US households and businesses.