Dow Soars Over 600 Points as Iran Tensions Ease
The Dow Jones Industrial Average surged 602 points on Monday as tensions between the US and Iran eased, lifting investor sentiment ahead of a crucial week for major technology earnings and the Federal Reserve's interest rate decision.
The S&P 500 advanced 0.79% while the Nasdaq Composite gained 0.86%, with investors looking beyond last week's market weakness driven by geopolitical tensions and concerns over artificial intelligence spending.
A sharp drop in crude prices supported sectors that typically benefit from lower fuel costs, with Brent crude futures falling about 6.8% to around $90.10 per barrel and US West Texas Intermediate crude declining roughly 5.7% to about $84.20 per barrel.
The decline in oil prices lifted airline and cruise stocks, with United Airlines and Southwest Airlines rising more than 3%, while Royal Caribbean gained 2.7% and Carnival advanced 4.3%.