Business ReportCLOSING BELL: Dow flat, TSX up as markets react to U.S. backing out of Iran nuclear deal SHARE ON: Patrick Grapes, contributor, Tuesday, May. 8th, 2018 As expected, investors reacted to U.S. President Donald Trump’s decision to back out of the Iran nuclear deal.On Bay Street things were a little lower ahead of the announcement as energy shares fell. Oil prices made up some of those losses though after the announcement, as it has the potential to wreak havoc on global oil supplies. The TSX ended the day 34 points higher, at 15,842. On Wall Street the Dow Jones was lower after Trump made his decision public. It did manage to make up a bit of ground, and inched higher, closing at 24,360, up two points.Bank of Montreal is bringing out the big guns in the mortgage wars. BMO has announced a 2.45 per cent, five-year variable mortgage rate. At one point below prime, it’s reportedly the biggest mortgage discount ever offered by one of Canada’s big six banks.At press time oil is down $1.01 to $69.72 U.S. per barrel, gold is up 80 cents to $1314.90 an ounce, and the loonie is down half a cent to 77.20 cents U.S.