Dow jumps about 500 points as oil retreats on a report of Iran talks
Stocks reversed higher late in the morning; the S&P 500 and Nasdaq also rose and Brent fell back below $108.
U.S. stocks turned higher late Tuesday morning and the Dow Jones Industrial Average gained about 500 points, or roughly 1%, as of 11:45 AM ET, per AP and The Wall Street Journal. The S&P 500 added about 0.4% and the Nasdaq composite about 0.2% in the AP's count. That reversed a soft start, when AI worries and $110 oil weighed on futures - see our 10:15 AM market story.
The Journal said the turn was apparently sparked by an Al-Araby Al-Jadeed report, which the Journal had not verified, that mediators had presented a proposal to revive talks between the U.S. and Iran. That is reported, not independently confirmed. Brent crude slipped below $108 a barrel, per the Journal, and was down about 1.3% after touching a near five-month high earlier in the day, per Reuters. See this morning's oil story.
Healthcare stocks hit a record high and led the S&P 500's sectors, up 1.8%, with financials up 1%, while energy led the losses, per Reuters. AI-linked shares recovered some of their early losses: CoreWeave was up about 1.6% and the Philadelphia Semiconductor index about 0.4%, per Reuters.
