U.S. stocks close slightly higher
The S&P 500 index rose 0.4% to close at 6,611.29 points, the NASDAQ Composite gained 0.5% to settle at 21,996.34 points, and the Dow Jones Industrial Average jumped 0.4% to end at 46,669.39 points
U.S. stocks ended slightly higher on Monday, after President Donald Trump said talks with Iran were ongoing.
The benchmark S&P 500 index rose 0.4% to close at 6,611.29 points, the tech-heavy NASDAQ Composite gained 0.5% to settle at 21,996.34 points, and the blue-chip Dow Jones Industrial Average jumped 0.4% to end at 46,669.39 points.
It was a big week for U.S. stock market, with the three main averages posting their best weekly performance since November last year. The advance was mainly driven by a relief rally on Monday that was sparked by Middle East de-escalation hopes.
Iran’s state media said it had conveyed its response to the proposal, rejecting a ceasefire and instead emphasizing the necessity of a “permanent end” to the war.
Iran’s response consists of 10 clauses, state media said, including protocol for safe passage through the critical Strait of Hormuz and the lifting of sanctions.
Nearly a fifth of the world’s oil and gas flows through the strait, but its effective closure by Tehran since the start of the conflict at the end of February has led to the biggest oil supply disruption in history, creating a huge spike in oil prices across the globe.
U.S. West Texas Intermediate crude futures advanced 0.8% to $112.40 a barrel.
Oil prices remain well above pre-war levels, placing upward pressure on inflation in countries around the world and threatening to weigh on global growth. Government bond yields have risen as well, reflecting bets that central banks may have to raise interest rates in response to renewed price gains.
Turning to economic data, traders received the closely-watched March nonfarm payrolls report last week on the Good Friday holiday.
The U.S. Bureau of Labor Statistics said there were 178k jobs added in March, significantly higher than the consensus estimate of 60k. The increase was driven by the end of a strike by healthcare workers and warmer weather.
Still, the reading underscored the see-saw nature of the U.S. jobs market seen so far this year. Nonfarm employment for January was revised up to 160k, while that for February was revised down to a fall of 133k.