US Stock Trends | Dow Jones Gains Narrow to 660 Points, Previously Surged Over 1,100

U.S. President Trump said that Washington and Iran could reach an agreement within five days. The news sparked a sharp rally in U.S. stocks on Monday, with the Dow Jones Industrial Average soaring as much as 1,134 points to a high of 46,712 points; however, Iran’s official denial of negotiations with the U.S. caused the Dow’s gains to narrow to less than 550 points at one point. The Nasdaq rose by 2.5%, and its gains have also narrowed.

As of 1:32 a.m. Hong Kong time, the Dow was at 46,238 points, up 660 points or 1.45%; the S&P 500 was at 6,583 points, up 77 points or 1.19%; the Nasdaq was at 21,922 points, up 274 points or 1.27%.

Earlier, Trump posted on social media that the U.S. and Iran had conducted very good and productive talks over the past two days, and he has instructed the Department of Defense to suspend all military strikes on Iranian power plants and energy infrastructure for five days. An Israeli senior official said that later this week, senior officials from Iran and the U.S. will hold talks in Islamabad, Pakistan.

However, Iran’s Islamic Parliament Speaker Mohammad Bagher Qalibaf denied that Tehran was engaging in negotiations with the U.S. on social media. Meanwhile, Iranian Revolutionary Guard Air and Space Force Commander Moussavi posted that the current fighting will continue until the goals of the nation and the people are achieved.

Iranian Foreign Ministry spokesperson Esmaeil Baghaei stated that during the past 24 days of conflict, Iran has not engaged in any negotiations with the U.S., and Tehran’s stance on the Strait of Hormuz issue and ending the conflict has not changed.

Oil prices declined, with New York crude futures dropping as much as 14.11%, hitting a low of $84.37 per barrel; currently at $89.47, down 8.92%. London Brent crude futures are at $101.01, down 9.97%.