Wall Street Stocks Surge as Oil Prices Retreat

Wall Street rallied on Monday as stocks across the globe rose after oil prices and bond yields retreated from their recent highs. The S&P 500 surged 1.5% to 7,764.70, within 0.4% of its all-time record. The Dow Jones Industrial Average gained 0.7% to 52,048.83, while the Nasdaq composite rose 2.3% to 27,122.09.

The stabilization in the artificial-intelligence industry continued, with Advanced Micro Devices (AMD) rallying 9.9% and reaching a total market value of $1 trillion. Nvidia added 2.3%, while Coinbase Global jumped 3.5% as Bitcoin's price rose above $85,000 for the second time this year.

However, Morgan Stanley's Michael Wilson warned that another spike in oil prices could hinder further gains on Wall Street. ING commodities strategists Ewa Manthey and Warren Patterson noted that profit-taking by investors and hopes for diplomatic progress at upcoming international meetings contributed to the improved market sentiment.