Dow surges 700 points to record closing high

Wall Street began the week on a strong note Monday as the Dow Jones surged nearly 700 points to a record closing high, with the S&P 500 within 20 points of its own record. Hopes of a US-Iran deal sent oil prices tumbling and bond yields cooling, while strong manufacturing data added to optimism. Chip and AI stocks led the rally, with Amazon adding 4.5% after last week's 15% surge.