Stock markets surged and oil prices fell after President Donald Trump said on Monday that the U.S. would delay attacks on Iran's energy infrastructure to await negotiation results.
CNN reported that the Dow Jones rose 975 points, or 2.1%, while the S&P 500 climbed 2%, and the Nasdaq gained 2.3%. This followed the Nasdaq nearly entering a correction last Friday, defined as a 10% drop from its recent peak.
Oil prices plunged sharply, with Brent crude falling 10.1% to $100.87 per barrel after briefly dropping to $96 per barrel. U.S. crude (WTI) fell 9.5% to $88.90 per barrel.
As soon as Trump's message about temporarily halting attacks on Iran was released Monday morning, futures stock indexes jumped immediately while oil prices dropped sharply.
However, the market cooled somewhat after initial excitement when the Israel Defense Forces (IDF) stated they would continue attacks on Iran, and Iranian media denied Trump's statements, insisting no negotiations with the U.S. were underway.
European stock markets rose, reversing earlier losses, with the Stoxx 600 benchmark up 1.1% and Germany's DAX index soaring 1.8%.
Gold prices dropped 2%, the U.S. dollar index weakened by 0.5%, and Treasury yields fell as investors shifted to bond purchases.
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Source:cnn