(NEW YORK) — The Dow Jones Industrial average soared more than 1,000 points on Monday after President Donald Trump claimed “productive conversations” had been held between the United States and Iran.
The major stock indexes shed some of the morning’s gains by midday as a flurry of headlines about the U.S.-Israeli war with Iran appeared to elicit volatile price fluctuations.
The peace talks — which Iranian officials denied — sent the price of oil plunging on Monday on hopes that negotiations could reopen the Strait of Hormuz and end a weeks-long global energy shock.
The Dow surged 700 points or 1.5%, while the S&P 500 jumped 1.2%. The tech-heavy Nasdaq increased 1.3%.
Each of the indexes remained below where it stood before the U.S.-Israeli war with Iran began on Feb. 28.
A selloff cascaded across global markets in recent weeks as stockholders feared economic fallout from a potentially prolonged bout of elevated oil prices.
Global oil prices plunged 8% on Monday after Trump made his claim about ongoing negotiations with Iran. Still, the price of oil stood above $100 a barrel, marking a steep rise since the outbreak of war.
This is a developing story. Please check back for updates.
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