Stocks rose on Monday, while oil prices pulled back as Wall Street tried to recover from another losing week, with investors monitoring the latest developments of the Iran war.
The Dow Jones Industrials popped 510.33 points, or 1.1%, to 47,067.86
The S&P 500 index recovered 77.06 points, or 1.2%, to 6,709.25.
The NASDAQ grabbed 290.01 points to 22,395.46.
In Monday trading, WTI crude traded 3% lower at just below $95 a barrel. It traded above $100 per barrel overnight. Brent crude fell more than 1% to around $101 a barrel.
Oil prices declined after Treasury Secretary Scott Bessent told the media Monday that the U.S. is allowing Iranian oil tankers pass through the Strait of Hormuz. Also aiding the move out of oil was a Wall Street Journal report stating that the U.S. will announce soon a coalition of countries to escort ships through the Strait, citing officials.
President Donald Trump ordered on Friday strikes on Iran military assets located on Kharg Island. While the attack didn’t impact oil infrastructure, Trump said the U.S. would consider hitting those structures if Iran continues to block the Strait.
Trump also told NBC over the weekend that Iran wants to make a deal, but he is not ready yet.
Prices for the 10-year Treasury climbed, lowering yields to 4.23% from Friday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices slumped $4.66 to $94.08 U.S. a barrel.
Gold prices sank $28.20 to $5,033.50 U.S. an ounce.
