Wall Street Stocks Drift as Mideast Tensions Cool
Stocks on Wall Street drifted to a mixed close Monday as oil prices fell after the US and Iran paused their attacks. The S&P 500 rose less than 0.1% after spending much of the day bouncing between small gains and losses.
The benchmark index was coming off two weekly losses in a row. The Dow Jones Industrial Average rose 0.5%, while the Nasdaq composite fell 0.2%, its fourth straight loss.
Oil prices reversed course from last week, when a sharp escalation in fighting between the US and Iran worsened worries about global oil supplies. The price of Brent crude dropped 6.3% to settle at $85.87 a barrel for October delivery.
The war between the US and Iran has sharply curtailed traffic through the vital Strait of Hormuz, affecting economies worldwide.
Markets closed higher in Europe and Asia, but bond yields fell, with the yield on the 10-year Treasury dropping to 4.65% from 4.69% late Friday.