Financial Markets Wall Street

U.S. stocks fell from their record heights, while oil prices jumped following escalations in the Middle East that may undermine the ceasefire in the war with Iran. The S&P 500 fell 0.4% Monday, coming off its latest all-time high. The Dow Jones Industrial Average dropped 1.1%, and the Nasdaq composite slipped 0.2%. Stocks turned lower after the United Arab Emirates, a U.S. ally, said it came under attack by Iran for the first time since the ceasefire took hold in early April. The attacks appeared to be in response to President Donald Trump’s latest efforts to reopen the Strait of Hormuz.

The U.S. stock market is rallying toward records after an easing of oil prices let Wall Street turn its focus back to the big profits that companies keep producing. The S&P 500 climbed 1% Tuesday and is on track to top its all-time high set at the end of last week. The Dow Jones Industrial Average added 379 points, and the Nasdaq composite gained 1.2%. Stocks got a boost after oil prices gave back much of their big jumps from Monday, and Brent crude fell 4%. DuPont rallied after the chemical giant led another cavalcade of companies reporting better profits than analysts expected.