Trump's Iran U-Turn Boosts Stocks, Slashes Oil Prices

Wall Street stock indexes experienced a significant boost on Monday as oil prices declined following President Donald Trump's announcement to hold off on new strikes against Iran. The S&P 500 rose by 1.3%, with the Dow Jones Industrial Average increasing by 533 points, or 1%, and the Nasdaq composite rising by 2%. The drop in oil prices was attributed to Brent crude's price decrease of 4.7% to $83.83.

The easing of concerns about the global flow of crude led to a fall in Treasury yields, with the 10-year yield dropping to 4.69% from 4.75%. However, this level remains above its pre-war rate of 3.97%, which could potentially slow down the economy by making borrowing more expensive.

The decline in oil prices also benefited companies with high fuel costs, such as airlines and cruise lines. United Airlines saw a 5.4% increase, while Norwegian Cruise Line Holdings rose by 4.6%. Tyson Foods also reported a stronger profit for the spring than analysts expected, leading to a 2% rise.