Nasdaq steady in late trading as oil eases, Fed up next
Wall Street rallied Monday as stocks jumped, lifted by weaker oil prices and hints that the U.S. and Iran may be nearing a deal to reopen the Strait of Hormuz. The S&P 500 closed up 122.83 points at 7,554.29. The Dow added 468.77 to 51,671.03. The Nasdaq finished 795.10 higher at 26,683.94, according to Reuters and AP. Futures faded in after hours. The S&P 500 was down 0.12%, Nasdaq 100 futures off 0.16%, and Dow futures eased 0.07% as of 7:43 p.m. ET, Investing.com data showed. Stocks moved up after oil prices dropped, taking some pressure off inflation worries. Brent crude slumped and was trading near $83 a barrel after news of a deal. U.S. crude futures slid 4.9% and closed lower, Reuters reported. Cheaper oil often helps companies that use a lot of fuel and might ease some costs for consumers. Airline and cruise stocks bounced back, but energy names fell behind. “Markets are higher on a classic relief rally,” said Gene Goldman, chief investment officer at Cetera Investment Management, to Reuters. He said lower oil is pulling some investors into tech stocks.