Stocks around the globe moved sharply higher Sunday night on word that the mastermind of the worst-ever terrorist attacks on U.S. soil had been killed.

Futures on the S&P 500 index rallied nearly 1%, while stocks in Tokyo were higher by about 2%. Oil plunged on hopes that the death of Usama bin Laden may ease some of the ongoing tensions in the Middle East. The price of gold also fell and Treasury prices eased.

While the death of the world’s most wanted criminal is a huge victory for the U.S and its allies, the knee-jerk reaction to his death in various financial markets is subject to change. Bin Laden’s death could simply spur more uncertainty in an already unstable region of the world, and the longer-term impact of his removal could further spur on his radical followers.