Dow Rallies and Oil Prices Jump in Second Quarter Start

The Dow Jones Industrial Average rose by 0.8% on Monday, driven by a surge in crude oil prices, which rose by more than 6% after OPEC+ announced an unexpected supply cut. The S&P 500 was flat, while the tech-heavy Nasdaq Composite fell by 0.9%. The rise in oil prices could complicate the Federal Reserve's task of lowering inflation, as headline inflation, which includes energy prices, has risen sharply. Meanwhile, data from both S&P Global and Institute for Supply Management showed a contraction in US manufacturing activity during March.