US Stocks Near Record High as Oil Prices Ease Inflation Worries

The US stock market rallied near its all-time high on Monday, thanks to easing oil prices that alleviated Wall Street's concerns about inflation.

The S&P 500 jumped 1.5% and is just 0.1% below its record set earlier this summer, while the Dow Jones Industrial Average climbed 693 points, or 1.3%, to an all-time high.

The drop in oil prices, led by Brent crude's 4.7% decline to $83.77, was attributed to President Donald Trump's decision to hold off on new strikes against Iran at the urging of allies in the region.

This move helped ease worries about the global flow of crude and led to a fall in Treasury yields, with the yield on the 10-year Treasury dropping to 4.68% from 4.75% late Friday.