Markets are celebrating a preliminary U.S.-Iran agreement intended to end their war that triggered a global economic downturn and lasted nearly four months. Stocks surged on Monday, as oil prices and bond yields fell.
No deal has yet been signed, though the sides have agreed to a "memorandum of understanding" and stood down militarily, and the critical Strait of Hormuz is to be reopened as part of the deal, according to U.S. President Donald Trump.