The Dow Jones Industrial Average climbed roughly 700 points on Monday after President Donald Trump canceled planned military strikes against Iran and said talks between the two countries would resume, sending oil prices sharply lower.
The Dow was up about 710 points, or 1.3%, in morning trading
The S&P 500 added 0.9% and the Nasdaq Composite climbed 1.2%, led by communications services and software names, with Meta surging more than 6%. Trump announced Sunday that he had called off the attack and that the two sides would return to the table Monday. Reports in U.S. media on Friday had suggested the president was readying another round of strikes after prospects for a diplomatic resolution faded and energy prices climbed.
Oil prices fell sharply in response. Brent crude futures were down nearly 6%, trading around $83.03 a barrel, and West Texas Intermediate futures lost more than 7% to reach $78.59 a barrel. Treasury yields pulled back as well, with inflation worries taking a step back.