New York (AFP) – U.S. stocks powered higher Monday after world powers and Iran struck an interim deal to curtail Iran’s controversial nuclear program in exchange for an easing of international sanctions.
Five minutes into trade, the Dow Jones Industrial Average added 27.42 points (0.17 percent) at 16,092.19.
The broad-based S&P 500 rose 3.06 (0.17 percent) to 1,807.82, while the tech-rich Nasdaq Composite jumped 14.02 (0.35 percent) to 4,005.67.
World oil prices slid after the US-led landmark deal struck Sunday with major crude producer Iran. The six-month agreement would be a preliminary step toward resolving the major powers’ concerns that Iran is developing nuclear weapons, a charge Iran denies.
“Lower energy costs are good for consumers and most businesses, so the agreement has been painted in a supportive light for earnings prospects,” said Patrick O’Hare of Briefing.com.
Copyright 2013 The National Memo