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The S&P 500 made a comeback from earlier losses on Monday after President Donald Trump said the war with Iran could be reaching its end.
The Dow Jones Industrials surged 239.25 points to 47,740.80. The 30-stock index is coming off its biggest weekly slide in nearly a year.
The S&P 500 index recovered 55.97 points to 6,795.99.
The NASDAQ vaulted 308.27 points, or 1.4%, to 22,695.95.
Those moves mark an impressive turnaround from the losses seen earlier in the day.
On Monday, Trump told a CBS News reporter, who shared the comments in a post on X, that “the war is very complete, pretty much.”
“They have no navy, no communications, they’ve got no Air Force,” the president said, adding that the U.S. is “very far” ahead of his initially stated timeframe for the war of four to five weeks.
Trump also said that ships are now passing through the Strait of Hormuz and that he is “thinking about taking it over.”
The broader market was also helped by a rise in semiconductor stocks. Broadcom advanced more than 4%, while Micron Technology and Advanced Micro Devices increased 5% each. Nvidia climbed more than 2%.
Prices for the 10-year Treasury sat back, nudging yields up to 4.11% from Friday’s 4.15%. Treasury prices and yields move in opposite directions.
Oil prices eased $2.54 to $88.36 U.S. a barrel.
Gold prices slumbered $7.70 to $5,151 U.S. an ounce.
