Commodities
US Stocks Rally Near Record High as Oil Prices Ease Inflation Worries
The US stock market rallied to near its all-time high on Monday after oil prices fell, easing concerns about inflation. The S&P 500 jumped 1.5% and is just 0.1% below its record set earlier this summer.
The Dow Jones Industrial Average rose 693 points, or 1.3%, to an all-time high, while the Nasdaq composite leaped 2.1%. The price for a barrel of Brent crude sank 4.7% to $83.77 after President Donald Trump said he would hold off on new strikes against Iran.
The decline in oil prices helped airlines and companies with big fuel bills lead the market, including United Airlines, American Airlines, and Norwegian Cruise Line Holdings. Boeing jumped 8% after US regulators certified its 737 MAX-7 planes for commercial service.