US markets have risen on expectations that the tentative agreement to halt the US-Israel war on Iran will restore stability to energy supply chains disrupted by months of interruption in the Strait of Hormuz. The S& P 500 climbed 1.7 percent on Monday, bringing the benchmark index closer to its all-time high. The conflict appears to have ended, thus that side of the debate is no longer relevant. Investors now feel more comfortable taking on more risk.”
The Nasdaq Composite rose 3.1 percent, boosted by a 19.6 percent increase by SpaceX, which made the largest market debut in history on Friday and christened Elon Musk as the world’s first trillionaire. The Dow Jones Industrial Average rose 0.9 percent, closing at a record high.
Brent crude futures, the major benchmark for global oil prices, plummeted over 5% to just over $83 per barrel, the lowest level since the first week of the conflict. Asian stock markets continued to soar on Monday after a cautious start, adding to gains made the day before on the back of US President Donald Trump’s accord with Iran. Japan’s Nikkei 225 momentarily crossed the 70,000 barrier for the first time before dropping, leaving the benchmark index at approximately 0.6 percent as of 04:45 GMT.
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