Dow closes up 600 points as Trump claims talks held with Iran
abcnews.com • • business
Key Points:
- The Dow Jones Industrial Average surged over 600 points on Monday following President Donald Trump's claim of "productive conversations" between the U.S. and Iran, signaling potential peace talks.
- Major stock indexes initially rose more than 2% but later gave up some gains amid mixed headlines about the U.S.-Israeli conflict with Iran, with the Dow closing up 1.3%, the S&P 500 up 1.1%, and the Nasdaq increasing 1.3%.
- Oil prices dropped more than 10% on hopes that negotiations could reopen the Strait of Hormuz and ease the global energy crisis, though prices remained above $100 per barrel.
- Despite Trump's announcement of ongoing talks and "major points of agreement," Iranian officials denied any negotiations had taken place, calling reports of talks "fake news" aimed at manipulating markets.
- Global markets had recently experienced selloffs due to fears of economic impacts from sustained high oil prices amid the U.S.-Israeli war with Iran, which began on February 28.
