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The S&P 500 rose on Monday, bolstered by key tech stocks, even as oil prices rose after President Donald Trump rejected Iran’s latest proposal to end the war.
The Dow Jones Industrials index faded 12.97 points to reach noon EDT Monday at 49,596.19.
The much broader index strengthened 20.83 points to 7,419.76.
The NASDAQ gained 76.31 points to 26,323.79.
Micron Technology shares supported the market Monday, rising 5%, as the memory chip rally continued. Artificial intelligence darling Nvidia jumped 3%.
Iran sent a new proposal to U.S. negotiators, centered on ending the monthslong conflict. The counteroffer stressed the need to end the war on all fronts and to lift sanctions on Tehran, Iran’s semi-official Tasnim news agency said, citing an informed source.
In response, Trump said in a Truth Social post that he did not like Iran’s response, adding that it was “TOTALLY UNACCEPTABLE!”
Oil futures climbed following Trump’s rejection. U.S. West Texas Intermediate futures rose 1% to above $96 per barrel, while international benchmark Brent crude futures gained 2% to above $103 a barrel.
Prices for the 10-year Treasury dipped, raising yields to 4.39% from Friday’s 4.37%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.15 to $97.57 U.S. a barrel.
Gold prices strengthened $8.20 to $4,738.90 U.S. an ounce.
