US-Iran Strike Pause Sends Dow Soaring Over 600 Points
The US and Iran temporarily paused their strikes over the weekend, leading to a surge in the Dow Jones Industrial Average. The index rose by more than 660 points on Monday morning, exceeding 52,608 before paring some of its gains.
The S&P 500 index gained about 0.8%, while the Nasdaq Composite rose approximately 0.7%. Crude oil prices, however, plummeted amid the halt in strikes, with U.S. West Texas Intermediate crude futures expiring in September down 6.06% to hover around $83.92 a barrel.
U.S. Ambassador to the United Nations Mike Waltz stated that President Donald Trump is giving talks some space and that negotiations are ongoing at various levels. However, he also reiterated that the U.S. military remains 'locked and loaded' with all options on the table should they be needed.