Dow rises more than 350 points Monday as oil slides on Iran’s restrained retaliation to U.S. attacks
Stocks rose and crude prices tumbled Monday as investors breathed a sigh of relief that Iran’s response to the U.S. attacks over the weekend was more restrained than expected.
The Dow Jones Industrial Average added 374.96 points, or 0.89%. The S&P 500 gained 0.96%, while the Nasdaq Composite climbed 0.94%.
Iran’s armed forces said Monday they attacked an American base in Qatar following the U.S. destroying Iranian nuclear sites in Fordo, Isfahan and Natanz over the weekend. The response, however, was intercepted by Qatar and no casualties were reported.
This led to a sell-off in oil prices as traders bet crude supply wouldn’t be materially disrupted by the ongoing conflict.
West Texas Intermediate futures dropped more than 7% to settle at $68.51 per barrel. Overnight, they hit their highest levels since January above $78.
Adding pressure to oil were comments by President Donald Trump. In a Truth Social post, he said that “everyone” should keep oil prices low, and doing otherwise would “play into the hands of the enemy.”
Source : CNBC
