The S&P 500 rose on Monday as oil prices seesawed, with traders hoping that the U.S.-Iran war could end soon.
The Dow Jones Industrials charged ahead 164.72 points to 46,669.39.
The much-broader index accumulated 29.29 points to 6,611.99.
The NASDAQ took on 117.16 points to 21,996.34.
Netflix settled 44 cents to $98.22, after a Goldman Sachs upgrade to buy from neutral. The bank said it sees Netflix as continuing to be the leader in content acquisition and development, and a high chance for multiyear capital return to shareholders.
Soleno Therapeutics shares surged $12.71, or 32.2%, to $52.21, after Neurocrine Biosciences announced an agreement to acquire the company for $53 per share in cash, valuing the deal at around $2.9 billion. Neurocrine said Soleno will help expand its medicine portfolio and strengthen its position as a leader in endocrinology and rare disease.
Axios reported that the U.S., Iran, and a group of regional mediators were discussing terms for a potential 45-day ceasefire that could lead to a permanent end to the war, though the chances for reaching a partial deal before the Tuesday deadline were slim. To be sure, a 45-day ceasefire is just one of the many ideas being floated.
Reuters also reported that Iran and the U.S. have received a plan to end hostilities that, if agreed, would result in an immediate ceasefire and the reopening of the Strait of Hormuz. The framework, which could come into effect on Monday, was put together by Pakistan, an unnamed source told Reuters.
President Donald Trump echoed his stance on Monday that the U.S. will destroy Iran’s power plans and bridges if the Middle Eastern country does not reopen the Strait by 8 p.m. ET on Tuesday. He had warned about striking that infrastructure on Sunday.
Trump echoed his stance on Monday that the U.S. will destroy Iran’s power plans and bridges if the Middle Eastern country does not reopen the Strait by 8 p.m. ET on Tuesday. He had warned about striking that infrastructure on Sunday.
The president also said that while he wants to take Iran’s oil, he “won’t go further.”
“What would I like to do? Take the oil, because it’s there for the taking,” he continued. “There’s not a thing they can do about it. Unfortunately, the American people would like to see us come home.”
Monday was the first session during which investors would be able to react to the stronger-than-expected March jobs report, which came out on Friday. U.S. markets were closed due to Good Friday.
Prices for the 10-year Treasury gained ground, weighing on yields to 4.34% from Friday’s 4.31%. Treasury prices and yields move in opposite directions.
Oil prices gained 59 cents to $112.13 U.S. a barrel.
Gold prices brightened $2.70 to $4,682.40 U.S. an ounce.
