Falliing Oil Prices Ease Inflation Worries

An AP News article

The U.S. stock market rallied to the edge of its all-time high on Monday after easing oil prices helped calm Wall Street’s worries that inflation could get even worse.

The S&P 500 jumped 1.5% and is just 0.1% below its record set earlier this summer. It was coming off a frenetic July, where it swung up and down as oil prices shot higher because of the war with Iran, before ultimately ending the month just about where it started.

The Dow Jones Industrial Average, which measures a narrower slice of the U.S. stock market, climbed 693 points, or 1.3%, to an all-time high, while the Nasdaq composite leaped 2.1%.

Stocks got a lift as the price for a barrel of Brent crude sank 4.7% to $83.77. 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.

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