Wall Street nears record as oil prices, bond yields ease

On Monday, U.S. stocks experienced a surge, mirroring a global market rally, as oil prices and bond yields showed signs of cooling after recent gains. The S&P 500 climbed 1 percent, bringing it within 0.9 percent of its all-time high set last month, while the Dow Jones Industrial Average increased by 193 points, or 0.4 percent, as of 11:30 a.m. Eastern time, and the Nasdaq composite rose by 1.6 percent.

The positive momentum was driven by the decline in the price of a barrel of Brent oil, which fell by 3.4 percent to $100.29. Although this is still significantly higher than the roughly $72 price observed earlier this summer, it represents a drop from the near-$110 level observed last week. The fluctuating price of oil is attributed to the successful passage of some crude from the Middle East through the Strait of Hormuz, although this amount remains far below the industry and customers' expectations due to the ongoing conflict with Iran.

Morgan Stanley's Michael Wilson expressed that a further rise in oil, gasoline, and other refined products prices poses the primary risk he sees in the near term, potentially hindering the U.S. stock market's ascent towards his forecasted target for the end of the year.