Dow jumps more than 1,000 points after Trump delays Iran ultimatum
Crude oil prices also dropped after President Trump said the administration had held "good and productive" peace talks with Iran.
Updated on: March 23, 2026 / 11:30 AM EDT / CBS News
The Dow Jones Industrial Average surged more than 1,000 points in early trading on Monday after President Trump postponed an ultimatum for Iran to reopen the Strait of Hormuz, saying that the U.S. is engaged in "good and productive" negotiations with Tehran.
The blue-chip index jumped 1,076 points, or 2.4%, to 46,654. Other indices also climbed, with the S&P 500 adding 138 points, or 2.1% and the tech-heavy Nasdaq Composite index gaining 2.4%.
Before Mr. Trump announced the delay on social media, futures had pointed to an almost 1% decline in stocks.
Oil prices also immediately retreated. Brent crude, the international benchmark, fell to as low as $96 per barrrel immediately after Mr. Trump announced the postponement before paring its loss to $101.26, down from nearly $120 last week. West Texas Intermediate, the U.S. benchmark, dropped to $84 per barrel and then rose to $90.11.
Mr. Trump had earlier set a deadline of Monday night for Iran to reopen ship traffic in the Strait of Hormuz, which carries about 20% of the world's oil supply, threatening to "obliterate" Iran's power plants if it didn't concede. Iran responded by threatening to attack U.S. and Israeli energy and infrastructure assets in the region.