Oil Prices Slip, Yen Gains Strength as Global Markets Mix
Global stock markets are mixed as the price of oil slips and the yen gains strength against the dollar. The S&P 500 rose by 0.4% on Monday, while the Dow Jones Industrial Average added 625 points.
The decline in oil prices was driven by President Donald Trump's announcement that he would hold off on ordering new strikes against Iran at the urging of allies in the region. This move helped calm worries about inflation and led to a rise in U.S. stock indexes.
However, several major chip stocks fell again, including Micron and AMD. The price of Brent crude fell 5.1% to $83.42 per barrel, while U.S. benchmark crude lost 5.8% to $79.81 per barrel.
The yen gained strength after the U.S. and Japan confirmed they had acted to prop up its value against the dollar. The U.S. Treasury bought yen through the Federal Reserve Bank of New York to help boost its value, a move that was described as a 'strong signal' by Stephen Innes of SPI Asset Management.