Oil Prices Slide Amid Iran Tensions, Boosting Stocks

Oil prices are falling on Monday, helping to ease worries about inflation and calm Wall Street's concerns. The S&P 500 rose 1% following its wild July, where it swung up and down due to oil price fluctuations caused by the war with Iran and fears that Big Tech's investments in artificial-intelligence technology may not translate into profits.

The Dow Jones Industrial Average was up 711 points, or 1.4%, as of 10:15 a.m. Eastern time, while the Nasdaq composite was 1.2% higher. The price for a barrel of Brent crude fell 5.4% to $83.17 after President Donald Trump said he would hold off on new strikes against Iran at the urging of allies in the region.

The Treasury yield on the 10-year bond sank to 4.68% from 4.75% late Friday, while the average long-term U.S. mortgage rate has jumped to its highest level in a year due to the increased borrowing costs caused by the higher yields.