U.S. stocks rallied, and oil prices tumbled on hopes that Iran will not disrupt the global flow of crude, even with the United States’ entry into its war with Israel.
A barrel of benchmark U.S. oil dropped more than 7 percent to $68.51 on Monday after briefly topping $78 Sunday night. The S&P 500 rose 1 percent, the Dow Jones Industrial Average added 0.9 percent and the Nasdaq composite gained 0.9 percent.
Iran has the ability to block access to much of the world’s oil, but it would also hurt its own economy by doing so. Treasury yields fell in the bond market.
On Monday:
The S&P 500 rose 57.33 points, or 1 percent, to 6,025.17.
The Dow Jones Industrial Average rose 374.96 points, or 0.9 percent, to 42,581.78.
The Nasdaq composite rose 183.56 points, or 0.9 percent, to 19,630.97.
The Russell 2000 index of smaller companies rose 23.42 points, or 1.1 percent, to 2,132.68.
For the year:
The S&P 500 is up 143.54 points, or 2.4 percent.
The Dow is up 37.56 points, or 0.1 percent.
The Nasdaq is up 320.18 points, or 1.7 percent.
The Russell 2000 is down 97.47 points, or 4.4 percent.
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