Dow Rallies 500 Points as Oil Prices Dive on Iran Diplomacy Hopes
U.S. stocks rose Monday morning, with the Dow up more than 500 points, as oil prices plunged on hopes for progress in U.S.-Iran diplomacy; Apple slipped ahead of its earnings report after the close.
U.S. stocks climbed Monday morning, recovering from Friday's tech-led selloff, as a sharp drop in oil prices lifted sentiment ahead of Tuesday's midterm elections and a busy earnings week.
As of about 10:00 a.m. Eastern time, the Dow Jones Industrial Average was up more than 500 points, about 1%. The S&P 500 gained 0.6% and the Nasdaq composite rose 0.8%.
Oil prices plunged nearly 7%, with U.S. crude trading just above $97 a barrel, amid reports that President Trump wants to pursue diplomacy with Iran and that Iran's supreme leader has given negotiators more authority in peace talks. Energy stocks fell on the drop in crude.
Apple shares slipped more than 1% ahead of the company's fiscal fourth-quarter results, due after the closing bell; its earnings call is scheduled for 5:00 p.m. Eastern, according to the company's investor relations schedule. Amazon rose more than 4%.
Friday was the worst day for stocks since June, as investors dumped artificial intelligence and technology shares over concerns that massive AI investments will not pay off quickly enough.
(File photo: The New York Stock Exchange on Broad Street in Manhattan. Photo: Billie Grace Ward/Wikimedia Commons, CC0)