S&P 500 Up 1% as ‘Scripted’ Iran Attacks Sink Oil: Markets Wrap

Wall Street traders drove stocks higher as oil tumbled, with Iran’s retaliatory strikes at a US air base in Qatar seen as symbolic and unable to trigger a broader economic fallout. The dollar fell.

The S&P 500 extended its gain to 1% as President Donald Trump raised hopes of de-escalating the Middle East conflict, saying the Iranian attack was “very weak” and telegraphed by Tehran. West Texas Intermediate sank below $70. As worries about an imminent threat to inflation abated, Treasury yields slid. The move was also fueled by a Federal Reserve official saying rates could drop as soon as July.