S&P 500 Closes in on New High as Stocks Rally

The S&P 500 erased its Iran war slide on Monday. Stocks were rallying as oil prices retreated amid hopes the U.S. and Iran will eventually reach a peace deal after the past weekend's talks failed to yield an agreement. Energy, materials, consumer staples, and materials were the only real laggards in the S&P 500, which was led by communication services, consumer discretionary, and tech.