- The Dow jumped more than 500 points on Monday as Middle Eastern conflict fears abated.
- Brent crude, the international benchmark, fell as much as 4% in intraday trade.
US stocks jumped on Monday while oil prices sank as investor anxiety over a broader Middle East conflict eased.
Israel's ground assault of the Gaza Strip appeared more gradual than expected, sending Brent crude down as much as 4% in intraday trading.
The rally in US indices also comes ahead of an important week, which includes the Federal Reserve's policy meeting, the Treasury Department's quarterly refunding statement on bond auctions, Apple earnings, and the monthly jobs report.
Here's where US indexes stood at the 4:00 p.m. closing bell on Monday:
- S&P 500: 4,166.82, up 1.2%
- Dow Jones Industrial Average: 32,928.96, up 1.58% (511.37 points)
- Nasdaq Composite: 12,789.48, up 1.16%
Here's what else happened today:
- The US economy is facing a triple threat from debt, interest rates, and protectionism, a research firm said.
- Nearly all the excess money saved during COVID is depleted, this chart shows.
- Crude prices could soar 76% from current levels if the Israel-Hamas war becomes a regional conflict, the World Bank says.
- Uranium stocks are getting a boost on bets of a nuclear-powered future.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil fell 3.6% to $82.42 a barrel. Brent crude, the international benchmark, dropped 2.9% to $87.84 a barrel.
- Gold rose 0.4% to $2,006 per ounce.
- The 10-year Treasury gained nearly 4 basis points, moving up to 4.884%.
- Bitcoin slipped 0.99% to $34,433.