The Dow Jones Industrial Average surged to a record high on Monday after tensions between the United States and Iran eased, leading to a decline in oil prices and US Treasury yields. The Dow closed at 53,178.41, up 693.38 points or 1.32 percent. The S&P 500 ended at 7,600.50, up 1.48 percent, and the Nasdaq finished at 25,913.90, up 2.13 percent. European stocks also closed higher, supported by falling oil prices, with the STOXX 600 ending at 652.09, up 0.45 percent. However, the London market edged lower, weighed down by a sharp drop in AstraZeneca shares following reports of merger talks with Bristol Myers Squibb. West Texas Intermediate crude futures tumbled more than 5 percent to settle at 80.34 dollars a barrel after President Donald Trump announced the cancellation of plans to attack Iran and confirmed negotiations. Meanwhile, COMEX gold futures fell 16.50 dollars to close at 4,090.50 dollars an ounce, and the US dollar weakened against the yen after Japan and the United States intervened in the foreign exchange market.
AstraZeneca PLCShares dropped on merger talks with Bristol Myers Squibb.
Bristol-Myers Squibb CompanyMerger talks with AstraZeneca reported, but outcome uncertain.
Eased tensions reduce safe-haven demand, pushing yields lower.