CNBC Business News Update Market Close: Stocks Higher, US Crude Oil Falls Below $90 Per Barrel, Farmers Look To Washington For Help 3/23/26
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Mar 23, 2026 Markets rally with big tech and industrial movers after reports of talks with Iran. U.S. crude slips below $90 as hopes grow for reopened shipping lanes. Gasoline prices surge toward highs, stirring political concern. Farmers press Washington for relief amid rising fertilizer and input costs. Airlines and mortgage rates react to the oil pullback.
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Markets Jump After Trump Mentions Iran Talks
- Markets rallied after President Trump said the U.S. and Iran held productive talks, driving the Dow up 631 points.
- The S&P 500 gained about 1% and the Nasdaq rose 1.3%, led by strength in industrials like 3M and tech names including NVIDIA.
Diplomatic Claims Spark Market Volatility
- President Trump said talks with Iranian representatives prompted a five-day postponement of strikes on Iranian energy sites.
- The Iranian Parliament speaker denied talks, calling Trump's comments fake news aimed at manipulating markets and oil prices.
Oil Falls But Gas Prices Stay Elevated
- U.S. crude dropped below $90 to $88 a barrel on hopes the Strait of Hormuz will reopen, easing a choke point that affects roughly 20% of global oil supply.
- Despite the oil pullback, pump prices remain high with national average gasoline nearing $4 per gallon, up from $2.94 last month.