By Sean Conlon and Alex Harring
Stocks rebounded on Monday as investors were optimistic that the conflict between Israel and Iran may remain contained. The spike in oil prices due to the escalating conflict also eased.
The Dow Jones Industrial Average rose 405 points, or about 1%. The S&P 500 advanced 1.1%, while the Nasdaq Composite surged 1.6%.
WTI crude oil futures fell more than 1% to $71.93 a barrel after trading above $77 earlier in the overnight session.
Traders have been closely watching the Middle East after Israel’s strike on Iran Friday. Iran launched missiles in retaliation, increasing the severity of conflict in the region.
However, there was some optimism on Monday that the situation wouldn’t escalate after a Wall Street Journal report said that Iran has signaled through intermediaries that it would be open to restarting negotiations as long as U.S. doesn’t join Israel in the attacks. The report also said that Iran has messaged to Israel that both sides should keep attacks contained.
Iran has asked Saudi Arabia and other Arab nations to message President Donald Trump about pressuring Israel into an immediate ceasefire and is offering to restart nuclear deal negotiations, Reuters reported, citing sources.
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