Commodities
US Stocks Bounce Back as Mideast Tensions Ease
Stocks on Wall Street opened higher Monday as tensions in the Middle East showed signs of easing. The S&P 500 index rose 0.8% after two consecutive weekly losses. The Dow Jones Industrial Average surged by 581 points, and the Nasdaq composite increased by 1%. Brent crude oil prices fell 6% to about $90 a barrel from last week's high of $102.
The price drop in oil was partly attributed to the pause in hostilities between the US and Iran. Negotiations to end the war are set to resume, which has contributed to the decrease in tensions.
In other news, Chinese memory chip maker CXMT had a strong debut in Shanghai, with its stock price shooting up significantly.