U.S. stocks rallied to the edge of their all-time high, and crude oil prices eased as hopes climbed that the United States and Iran may try again on talks to end their war. The S&P 500 rose 1.2% Tuesday, bringing the index within 0.2% of its record set in January. The Dow gained 0.7%, and the Nasdaq composite climbed 2%. If talks succeed and the war ends up being only a temporary setback for the global economy, investors can turn their attention back to the rising profits for companies that had markets worldwide doing well before the fighting began.
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U.S. stocks rallied and recovered the last of their losses caused so far by the U.S.-Iran war, as hope remains on Wall Street that the global economy can still avoid a worst-case scenario. The S&P 500 rose 1% Monday and is back to where it was before the United States and Israel attacked Iran in late February, just 1.3% below its record set early this year. The Dow Jones Industrial Average added 0.6%, and the Nasdaq composite climbed 1.2%. Even in the oil market, where prices jumped above $100 per barrel after ceasefire talks failed to end the war, prices pared their gains as Monday progressed.