Dow set to open 1,200 points higher after Trump calls off strikes on Iran, pending talks
By David Goldman, CNN
(CNN) — Stocks surged and oil prices tumbled after President Donald Trump on Monday said the United States would postpone further strikes on Iran, pending the outcome of negotiations.
Dow futures roared higher, set to rise about 1,200 points, or 2.4%.
S&P 500 futures rose 2.3%, and Nasdaq futures gained 2.5%. The Nasdaq had closed on the verge of correction Friday – a decline of 10% from a recent peak.
Brent crude fell 10% to $101 a barrel. US crude fell 9% to $89 a barrel.
Trump, in his post, said the discussions would take place over the course of the week. But it’s unclear whether Iran would reopen the Strait of Hormuz, which has choked off 20% of the world’s oil supply.
This is a developing story and will be updated.
The-CNN-Wire
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