Calm returned to Wall Street on Monday and US stocks rallied, while oil prices gave back some of their initial spurts following Israel's attack on Iranian nuclear and military targets at the end of last week.
- The S&P 500 rose 56.14 points, or 0.9%, to 6,033.11 to recover most of its drop from Friday.
- The Dow Jones Industrial Average rose 317.30 points, or 0.8%, to 42,515.09.
- The Nasdaq composite rose 294.39 points, or 1.5%, to 19,701.21.
They joined a worldwide rise for stock prices. The price for a barrel of benchmark US oil fell by 1.7%, while the price of gold eased. Treasury yields rose ahead of a meeting by the Federal Reserve this week.
On Wall Street, Sage Therapeutics jumped 35.4% for one of the market's biggest gains after Supernus Pharmaceuticals said it would buy the biopharmaceutical company in a deal worth up to $795 million, or $12 per share, if certain conditions are met, the AP reports. US Steel rose 5.1% after Trump on Friday signed an executive order paving the way for an investment in the company by Japan's Nippon Steel. Trump would have unique influence over the operations of US Steel under the terms of the deal. They helped offset drops for defense contractors, which gave back some of their jumps from Friday. Lockheed Martin fell 4%, and Northrop Grumman sank 3.7%.
Israel and Iran are continuing to attack each other, and concerns remain that a wider war could constrict the flow of Iran's oil to its customers. That in turn could raise gasoline prices worldwide and keep them high. But past conflicts in the region have seen crude prices spike only temporarily. They've receded after the fighting showed that it would not disrupt the flow of oil through the narrow Strait of Hormuz off Iran's coast. Hopes that the fighting could remain similarly contained this time around helped send oil prices back toward $71 per barrel on Monday.
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