The S&P 500 rose 0.1% following a rally that’s brought it back within 0.6% of its record set earlier this month. The Dow Jones Industrial Average was up 395 points, or 0.8%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was virtually unchanged.
The price for a barrel of Brent crude fell 3.2% as optimism continues following the tentative deal reached between the United States and Iran that will hopefully reopen the Strait of Hormuz at the end of the week and get the global flow of oil going again. It was at $80.50 after earlier dropping as low as $79.61.
Significant hurdles remain in the negotiations, including what to do with Iran’s nuclear program. But the hope on Wall Street is that this agreement will mean a long-term fix to a conflict that has worsened inflation around the world. The price of Brent has come down sharply from its $100-plus level of a few weeks ago, though it could still take months for the energy industry to get back to full speed.
