US-Iran Tensions Ease, Oil Prices Fall Amid Ongoing Global Economic Uncertainty
Stocks on Wall Street drifted to a mixed close Monday as oil prices fell after the U.S. and Iran paused their attacks while work resumed on restarting negotiations to end the war.
The S&P 500 rose less than 0.1% after spending much of the day bouncing between small gains and losses, coming off two weekly losses in a row.
The Dow Jones Industrial Average rose 0.5%, and the Nasdaq composite fell 0.2%, its fourth straight loss.
Oil prices reversed course from a week ago, when a sharp escalation in fighting between the U.S. and Iran worsened worries about global oil supplies.
The price of Brent crude, the international standard, dropped 6.3% to settle at $85.87 a barrel for October delivery, while U.S. crude oil for September delivery fell 7.5% to settle at $82.61 a barrel.
U.S.-Iran war tensions have sharply curtailed and halted traffic through the vital Strait of Hormuz, affecting the global economy, including surging gasoline prices and rising shipping costs for most goods.
The yield on the 10-year Treasury fell to 4.65% from 4.69% late Friday.