Stock market today: Dow surges to record close as tech rallies, oil falls

The Dow closed at a record on Monday, with stocks rallying and crude prices tumbling to start the month.

Major indexes were sharply higher after the Donald Trump said he called off an attack on Iran and that peace talks were set to resume. The rally picked up steam as oil prices tumbled, with the Dow surging nearly 700 points to an all-time closing high.

Brent crude, the international benchmark, fell about 5% to $83.75 a barrel. US oil prices were down 5% to $80 a barrel.

The S&P 500 ended the day within striking distance of its own record high. Treasury yields also eased, relieving some pressure after a big surge following the Fed meeting last week. The 10-year Treasury bond yield fell 5 basis points to 4.68%.

Here’s where US index futures stood at 4:00 PM ET on Monday:

• S&P 500: 7,600.50, up 1.48%
• Dow Jones Industrial Average: 53,178.41, up 1.32% (+693.38 points)
• Nasdaq 100: 28,776.80, up 1.78%

The Nasdaq 100 rose more than 2% as investors piled back into beaten-down tech names, particularly hyperscalers and some memory stocks that sold off heavily in recent weeks Here were the some of the big moves:

• Microsoft: +5%
• SanDisk: +5%
• Alphabet: +4%
• Amazon: +4%
• Nvidia: +2%