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Stocks Close Higher After President Trump says Iran War is "Pretty Much" Complete
Barchart - Mon Mar 9, 3:38PM CDT
The S&P 500 Index ($SPX) (SPY) on Monday closed up +0.71%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +0.39%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.13%. March E-mini S&P futures (ESH26) rose +0.69%, and March E-mini Nasdaq futures (NQH26) rose +1.14%.
Stocks during the morning traded lower on an overnight spike in oil prices above $100 per barrel, but were then able to recover after President Trump told CBS News in a phone interview that "I think the war is very complete, pretty much" and that the military operation is "very far" ahead of its 4-5 week timeframe.
Oil prices on Monday initially spiked above $100 per barrel after Israel on Saturday bombed 30 Iranian fuel depots. In addition, Saudi Arabia became the latest Middle East oil producer to cut production as its local storage facilities near capacity. However, oil prices fell back later in the day after G-7 finance ministers pledged to release strategic oil reserves if necessary and a... Read more
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