US Stocks Rally Near Record Highs on Falling Oil Prices

The US stock market surged to new heights on Monday after oil prices dropped following President Donald Trump's decision to hold off on new strikes against Iran.

This eased Wall Street's worries about inflation, which had been driving up oil prices and threatening to undercut stock prices.

The S&P 500 rose by 1.5%, bringing it within 0.1% of its record high set earlier this summer.

Boeing jumped 8% after the US regulators certified its 737 MAX-7 planes for commercial service, while Tyson Foods rose 2.8% after reporting a stronger profit than expected.