NewzNEW YORK (AP) — Oil prices are easing on Monday and helping to calm Wall Street’s worries that inflation could get even worse. stock indexes rallying, though sharp swings are continuing to roil underneath the surface.The S&P 500 rose 1.2% following its wild July, where it swung up and down as oil prices shot higher because of the war with Iran and other worries. The Dow Jones Industrial Average was up 569 points, or 1.1%, as of 11 a.m.
Eastern time, and the Nasdaq composite was 1.8% higher.Stocks got a lift as the price for a barrel of Brent crude sank 4.9% to $83.59. It dropped after President Donald Trump said over the weekend that he decided to hold off on new strikes against Iran at the urging of allies in the region.Brent's price careened between $72 and $102 last month as worries rose and fell about when the war with Iran would allow oil tankers to freely exit the Persian Gulf again to deliver crude to customers worldwide. The latest acquiescence by Trump on Iran helped to ease worries about the global flow of crude, and Treasury yields correspondingly fell in the bond market.The yield on the 10-year Treasury sank to 4.68% from 4.75% late Friday.
It, though, remains well above its 3.97% level from before the war with Iran.Higher yields threaten to undercut prices for stocks and other investments, while slowing the economy by making borrowing more expensive for U.S. mortgage rate has already leaped to its highest level in a year.Monday's ease in oil prices helped airlines and other companies with big fuel bills lead the market. United Airlines flew 6.7% higher, while American Airlines climbed 6.7%.
Norwegian Cruise Line Holdings steamed 3.1% higher.Tyson Foods rose 3% after the meat company reported a slightly stronger profit for the spring than analysts expected. CEO Donnie King said strength is continuing in the company's chicken business and its prepared foods, which includes brands like Jimmy Dean and Hillshire Farm.It joined a lengthening list of big U.S. companies to deliver a bigger profit for the spring than analysts expected.
That's imperative for Wall Street because stock prices tend to follow the path of corporate earnings over the long term, and worries were rising that stock prices may have already shot too high.Companies in the S&P 500 are on track to deliver earnings per… Eastern time, and the Nasdaq composite was 1.2% higher.Some of the strongest action was in the oil market, where the price for a barrel of Brent crude fell 5.4% to $83.17. It, though, remains well above its 3.97% level from before the war with Iran.That jump is threatening to undercut prices for stocks and other investments, while slowing the economy by making borrowing more expensive for U.S.
mortgage rate has already leaped to its highest level in a year.Monday's drop in oil prices helped airlines and other companies with big fuel bills lead the market. United Airlines flew 6.7% higher, while American Airlines climbed 6.4%. Norwegian Cruise Line Holdings steamed 4.3% higher.Tyson Foods rose 1.8% and erased an early-morning loss after it reported a stronger profit for the spring than analysts expected.
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