US Stocks Soar on Easing Oil Prices, Trump's Iran Decision

The US stock market surged on Monday, pushing close to its all-time high. The S&P 500 jumped 1.5% and is now just 0.1% below its record set earlier this summer.

The rally was fueled by easing oil prices, which sank 4.7% to $83.77 a barrel after President Donald Trump announced he would hold off on new strikes against Iran at the urging of regional allies.

This move helped calm worries about inflation and global crude flows, causing Treasury yields to fall in the bond market. The yield on the 10-year Treasury dropped from 4.75% to 4.68%, although it remains above its pre-Iran war level of 3.97%.

Airlines and other companies with high fuel costs led the market, with United Airlines rising 5.8% and Norwegian Cruise Line Holdings climbing 6.6%. Boeing surged 8% after US regulators certified its 737 MAX-7 planes for commercial service.