US Stock Market Soars to All-Time High Amid Falling Oil Prices

The US stock market rallied to its all-time high on Monday after oil prices dropped, easing concerns about inflation and its impact on Wall Street.

Oil prices fell by 4.7% to $83.77 a barrel of Brent crude, following President Donald Trump's announcement that he would hold off on new strikes against Iran at the urging of allies in the region.

The drop in oil prices helped calm worries about inflation and its potential impact on the economy, which had been driving stock market fluctuations in recent weeks.

Stocks such as airlines and companies with big fuel bills led the market, rising by 5.8% for United Airlines and 6.6% for Norwegian Cruise Line Holdings.

The Dow Jones Industrial Average climbed to an all-time high of 53,178.41, while the S&P 500 rose 1.5% and is just 0.1% below its record set earlier this summer.