Wall Street rallies, Dow ends with record on US-Iran deal

STORY: Wall Street's main indexes rallied on Monday, with the Dow gaining nearly 1% to notch a record-high close, the S&P 500 climbing about one-and-two-thirds percent and the Nasdaq soaring 3%.Investors cheered the news of a preliminary deal between the U.S. and Iran to end their war and reopen the Strait of Hormuz. Kevin Mahn is president and chief investment officer at Hennion & Walsh Asset Management."I believe that the theme of the day for investors is that a deal has been reached. We think the strait has been opened, we think, and the market has rallied, at least for now. Obviously, if the first two tenets of that theme start to get unwound, then we're going to see this market rally go in the opposite direction. But as it stands now, we believe that ultimately a deal between the U.S. and Iran will be signed in Switzerland on Friday and in all likelihood, tankers will start to pass through the Strait of Hormuz, and that should start to ease inflationary pressures that are a result of higher oil prices that have been in place now since the beginning of March."U.S. crude futures settled down 4.9% and hit their lowest level since March, helping to lift shares of energy-sensitive airline and cruise companies and hurting energy stocks.Easing inflation fears also helped boost technology stocks as investors were more comfortable taking on riskier bets.Chip giant Nvidia gained 3.5% and Micron Technology jumped nearly 11% after at least two brokerages sharply raised their price targets for the stock.Investors now turn their attention to the Federal Reserve's two-day policy meeting, which concludes Wednesday.Traders expect the central bank to leave interest rates unchanged, but they'll be watching closely for signals from Kevin Warsh in his first press conference as Fed chair.