S&P 500, Nasdaq Post Gains After Close; Oil Drops on U.S.-Iran Deal
U.S. stocks jumped Monday with an early U.S.-Iran framework stirring hopes the Strait of Hormuz might reopen soon for oil shipping. Reuters, citing LSEG data, showed the Nasdaq on top as money returned to growth stocks. The Dow hit an intraday high after crude prices slid and traders dialed back inflation bets. Brent crude slid 4.8% to $83.17 a barrel, AP reported, cutting pressure on companies facing high fuel costs and making it easier for the Federal Reserve to hold off on tougher rate hikes. Oil prices feed right into inflation, corporate expenses and interest-rate calls. “Markets are higher on a classic relief rally,” said Gene Goldman, chief investment officer at Cetera Investment Management, to Reuters.