US Stocks Rally Toward Record High as Oil Prices Cool Down

The US stock market rallied on Monday, bringing it close to its all-time high. The S&P 500 index jumped 1.5% and is now just 0.1% below its record set in the summer. This comes after a volatile July where oil prices skyrocketed due to tensions with Iran.

Oil prices cooled down on Monday, with Brent crude dropping 4.7% to $83.77 per barrel. The price drop was partly attributed to President Donald Trump's decision to hold off on new strikes against Iran at the urging of allies in the region.

The easing oil prices helped lift stocks of companies with high fuel costs, such as airlines and Norwegian Cruise Line Holdings. United Airlines rose 5.8%, while American Airlines climbed 5%. Boeing also jumped 8% after US regulators certified its 737 MAX-7 planes for commercial service.