NEW YORK (AP) — Stock markets are rallying worldwide, and oil prices are easing after the United States and Iran reached a tentative deal to get the global flow of crude going again. The S&P 500 rose 1.4% early Monday on hopes that this time, the announcement of an Iran-U.S. agreement will mean a long-term fix to a conflict that has sent inflation painfully upward. The Dow Jones Industrial Average climbed 620 points, and the Nasdaq composite jumped 2.3%. Brent crude's price fell 4.7%, helping stocks of companies with big fuel bills to lead the market. AI stocks also rallied following their sharp swings over the last couple weeks.
THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.
Markets on Wall Street were poised to follow global markets sharply higher Monday after a tentative deal was announced on ending the Iran war and reopening the Strait of Hormuz, while oil prices fell close to $5 a barrel.
