S&P 500 Erases War Losses as Oil Prices Dip Below $100

The S&P 500 has erased all losses incurred since hostilities began in late February, closing 0.1% above its February 27 finish. The index gained 69.35 points, or 1.02%, to 6,886.24 on Monday. The Nasdaq Composite also rallied more than 1%, gaining 280.84 points, or 1.23%, to 23,183.74. This recovery was driven by investor hope for a resolution to the Middle East war, following a period where the S&P 500 had fallen as much as 7.8% from pre-war levels. Crude oil futures helped the rally by settling below the $100 level. This followed a U.S. military blockade of ships leaving Iran's ports and the breakdown of weekend talks to end the war. President Donald Trump stated that while Iran wants to make a deal, he will not agree to any terms that allow Tehran to have a nuclear weapon.