U.S. Stocks Rise While Regional Manufacturing Index Declines as Hopes for Iran Deal Grow
U.S. stocks closed higher Monday after reports that the United States and Iran moved closer to a peace agreement to end the war and reopen the Strait of Hormuz. The Nasdaq Composite rose more than 3 percent while crude oil and Treasury yields fell to multi-month lows.
BenzingaU.S. stocks settled higher on Monday after the United States and Iran moved closer to a peace agreement that would end the war and reopen the Strait of Hormuz. The Nasdaq Composite gained more than 3 percent during the session.
Crude oil prices fell to two-month lows and Treasury yields reached one-month lows as the potential reopening of the waterway reduced supply concerns. The collapse in energy prices eased inflation fears and supported a sharp rally in technology stocks. Shares of Space Exploration Technologies Corp.
(NASDAQ: SPCX) surged around 20 percent on Monday after the company gained 19 percent in its public market debut on Friday. The CNN Money Fear and Greed index remained in the “Fear” zone on Monday while showing further improvement in overall market sentiment. 7.
