Dow soars 1,000 points as Trump claims talks held with Iran
Photo taken on Aug. 12, 2024 shows the trading floor of the New York Stock Exchange NYSE in New York, the United States. (Liu Yanan/Xinhua via Getty Images)
(NEW YORK) — The Dow Jones Industrial average soared more than 1,000 points on Monday after President Donald Trump claimed “productive conversations” had been held between the U.S. and Iran.
The major stock indexes shed some of the morning’s gains by midday as a flurry of headlines about the Middle East conflict appeared to elicit volatile price fluctuations.
The peace talks — which Iranian officials denied — sent the price of oil plunging on Monday on hopes that negotiations could reopen the Strait of Hormuz and end a weeks-long global energy shock.
The Dow surged 700 points or 1.5%, while the S&P 500 jumped 1.2%. The tech-heavy Nasdaq increased 1.3%.
This is a developing story. Please check back for updates.
The Anthropic logo displayed on the stage during the company’s Builder Summit in Bengaluru, India, on Monday, Feb. 16, 2026. (Samyukta Lakshmi/Bloomberg via Getty Images)
(NEW YORK) — Artificial-intelligence firm Anthropic sued the Trump administration on Monday over the Pentagon’s choice to designate it a “supply-chain risk,” legal filings show.
A spokesperson for Anthropic said the legal action “does not change our longstanding commitment to harnessing AI to protect our national security, but this is a necessary step to protect our business, our customers, and our partners.”
A Department of Defense spokesperson told ABC News: “As a matter of Department of War policy, we do not comment on litigation.”
This is a developing story. Please check back for updates.
raders work on the floor of the New York Stock Exchange during morning trading on March 10, 2026 in New York City. Stocks continued to slide at the opening due to the war in Iran and oil prices hovering around $90 per barrel. (Photo by Michael M. Santiago/Getty Images)
(NEW YORK) — Oil prices surged and stocks tumbled worldwide in early trading on Thursday as Iran escalated shipping attacks in a critical tanker route.
Global crude spiked above $100 a barrel on Thursday before settling slightly below that key benchmark. The rise in oil prices defied a U.S. effort hours earlier to reassure markets with an announcement of the second-largest ever release from the nation’s petroleum reserve.
A selloff hit Wall Street as traders feared economic fallout from a potentially prolonged bout of elevated oil prices.
The Dow Jones Industrial Average fell 550 points, or 1.1%, while the S&P 500 dropped 0.8%. The tech-heavy Nasdaq declined 0.8%.
Oil markets are suffering a major supply shortage due to the near-closure of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of the global oil supply.
This is a developing story. Please check back for updates.
President Donald Trump answers questions after signing an executive order to limit mail-in voting in the Oval Office of the White House, March 31, 2026, in Washington. (Alex Wong/Getty Images)
(WASHINGTON) — President Donald Trump on Thursday slapped 100% tariffs on some pharmaceutical products, ramping up his effort to boost U.S. drug manufacturing.
The move, in the form of an executive order, targets patented drugs that lack a “most favored nations” pricing agreement with the U.S. Under such agreements, companies ensure the U.S. will pay the same amount that other wealthy countries pay for similar medications.
Companies face a reduced levy if they agree to bring production to the U.S. or enter into pricing deals with the administration, the executive order says.
If companies commit to bring their manufacturing to America, then the tariff on their products will drop to 20%, the order notes.
In the event such companies also enter into a most-favored-nation agreement with the Department of Health and Human Services, then they can avert tariffs entirely while in the process of building a U.S.-based plant, according to the executive order.
Large companies, the executive order says, will receive a 120-day phase-in period before the tariffs take effect.
The fresh round of tariffs will exclude drugs made in some countries that previously entered into trade agreements with the U.S., including Switzerland, Japan, South Korea and the 27-member European Union, according to the order.
Pharmaceutical products from those countries will face a 15% tariff based on the terms of trade agreements reached with the U.S, the order notes.
This is a developing story. Please check back for updates.
ABC News’ Mary Kekatos contributed to this report.
