Stocks Higher, Oil Prices Drop 5%      07/27 10:12

   Stocks rose on Wall Street Monday and oil prices fell after the U.S. and 
Iran paused their attacks while work resumed on restarting negotiations to end 
the war.

   NEW YORK (AP) -- Stocks rose on Wall Street Monday and oil prices fell after 
the U.S. and Iran paused their attacks while work resumed on restarting 
negotiations to end the war.

   The S&P 500 rose 0.6%. The index is coming off two weekly losses in a row. 
The Dow Jones Industrial Average rose 518 points, or 1%, as of 9:55 a.m. 
Eastern time. The Nasdaq composite rose 0.7%.

   Oil prices reversed course from a week ago, when a sharp escalation in 
fighting between the U.S. and Iran worsened worries about global oil supplies. 
The price of Brent crude, the international standard, dropped 5.4% to $86.74 a 
barrel for October delivery. Prices surged to over $100 a barrel last week 
before easing.

   The war between the U.S. and Iran has sharply curtailed, and at a times 
halted, traffic through the vital Strait of Hormuz. That has had a ripple 
effect throughout the world's economy. Gasoline prices have surged and shipping 
costs for most goods are rising, with businesses typically passing those costs 
along to households.

   Markets rose in Europe after closing higher in Asia.

   Bond yields also fell, relieving pressure from stocks. The yield on the 
10-year Treasury fell to 4.65% from 4.69% late Friday.

   Wall Street got boost from influential technology companies in the U.S. 
after Chinese memory chipmaker CXMT soared in its debut in Shanghai. The 
company jumped to become China's most valuable listed company with an estimated 
market capitalization of 3.3 trillion yuan (nearly $490 billion).

   Microsoft jumped 2.6% and Google's parent, Alphabet, rose 2.8%. They, and 
several other tech companies, are among the most valuable in the world. Their 
big market values give them more influence over the direction of the broader 
market.

   Wall Street has a busy week ahead with several potential mark-moving 
reports. The U.S. government will release an update on consumer confidence on 
Tuesday and inflation on Thursday.

   The big focus will be on the Federal Reserve, which will give an update 
Wednesday on its interest rate policy.

   ___

   AP Business Writer Elaine Kurtenbach contributed to this report.

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