S&P 500 Breaks Out as Oil Prices Fall to 11-Day Low
The US stock market has started the week on an optimistic note, despite ongoing tensions between Washington and Tehran. The S&P 500 index broke out above a descending channel it had been trading in since mid-August, with its price rising to 7,700.
The rally is attributed to falling oil prices and Treasury yields, which have eased inflation concerns and put downward pressure on interest rates. Oil prices fell to an 11-day low, dropping below the $100-a-barrel threshold, as hopes for diplomatic progress between the US and Iran increased.
Apart from the S&P 500, other stock indices also showed gains, including the Dow Jones Industrial Average, which rose by 0.26%, and the Nasdaq Composite, which jumped by 1.76%. Meanwhile, AI stocks saw a rebound after recent weakness, with Accenture announcing its partnership with Anthropic to evaluate the AI company's model.