NEW YORK (AP) — Calm returned to Wall Street on Monday, and U.S. stocks rose, while oil prices gave back some of their initial spurts following Israel’s attack on Iranian nuclear and military targets at the end of last week.
The S&P 500 climbed 0.9% to reclaim most of its drop from Friday. The Dow Jones Industrial Average rose 317 points, or 0.8%, and the Nasdaq composite gained 1.5%. They joined a worldwide climb for stock prices, stretching from Asia to Europe.
Israel and Iran are continuing to attack each other, and a fear remains that a wider war could constrict the flow of Iran’s oil to its customers. That in turn could raise gasoline prices worldwide and keep them high.
But past conflicts in the region have seen spikes for crude prices last only briefly. They’ve receded after the fighting showed that it would not disrupt the flow of oil, either Iran’s or other countries’ through the narrow Strait of Hormuz off Iran’s coast.
Hopes that the fighting could remain similarly contained this time around helped send oil prices back toward $71 per barrel on Monday.