Trump's Softening Tone On Iran Lifts Stocks, Sinks Oil

NEW YORK, March 24 (Bernama-Xinhua) -- United States (US) President Donald Trump's conciliatory tone on Iran on Monday lifted stocks and sent crude oil futures sharply lower, reported Xinhua.

The Dow Jones Industrial Average surged more than 900 points, or nearly two  percent, in morning trading.

The Nasdaq composite rose 2.07 per cent after falling into correction territory in the previous session.

The S&P 500 gained more than 100 points, up 1.82 per cent.

Meanwhile, crude oil futures tumbled more than 10 per cent earlier in the day after Trump said on social media that he had ordered the military to delay strikes on Iranian power plants and energy facilities for five days following what he described as "productive" talks with Iran.

Iran quickly denied any such contact after Trump's remarks, saying there had been no negotiations.

Financial markets could continue to see sharp swings in the coming days as investors react to headlines about the US conflict with Iran and the status of the Strait of Hormuz.

-- BERNAMA-XINHUA