US stocks recover, oil prices sink as Iran-US tensions ease

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Courtesy: MGN Online

NEW YORK (AP) – Stocks snapped higher on Wall Street and oil prices sank following signs that the U.S. and Iran were backing away from the edge of war.

The rally capped a whirlwind of reversals.

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Markets around the world initially reeled early Wednesday after Iran fired missiles at two military bases in Iraq that house U.S. troops, retaliation for a U.S. drone strike that killed an Iranian general.

The S&P 500 rose 15 points, or 0.5%, to 3,253. The Dow Jones Industrial Average rose 161 points, or 0.6%, to 28,745. The Nasdaq added 60 points, or 0.7%, to 9,129, a record. Bond prices fell, sending yields higher.