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Stocks rose on Monday to kick off the holiday-shortened trading week as SpaceX extended its rally and after President Donald Trump announced that an agreement had been reached to end the war between the U.S. and Iran.
The Dow Jones Industrials jumped 669.69 points, or 1.4%, to pause for lunch at 51,901.95.
The S&P 500 index hiked 140.11 points, or 1.1%, to 7,571.57.
The NASDAQ hopped 768.39 points, or 3%, to 26,654.96.
SpaceX shares popped 10% after soaring 19% in their public market debut on Friday.
Trump said late Sunday on social media that a deal with Iran was “now complete.” The memorandum of understanding will be signed on Friday in Switzerland, according to Pakistan Prime Minister Shehbaz Sharif.
The announcement came after an exchange of fire between Israel and the Tehran-backed Hezbollah in Lebanon raised uncertainty over whether the agreement would get across the finish line on Sunday.
Trump also said he authorized the reopening of the key Strait of Hormuz passageway, sending oil prices tumbling. On Monday, Vice President JD Vance the media he expects the strait is “going to be opened in a toll-free way for the long term.”
Prices for the 10-year Treasury gained ground, lowering yields to 4.46% from Friday’s 4.49%. Treasury prices and yields move in opposite directions.
Oil prices retreated $4.58 to $80.30 U.S. a barrel.
Gold prices shone $142.20 brighter to $4,381.00 U.S. an ounce.
