Stocks surged Friday, extending a record-setting run that’s sending the S&P 500 Index toward its biggest monthly gain since 2020. This follows the re-opening of the Strait of Hormuz, which is expected to ease an oil shock impacting the global economy since the US launched its war against Iran seven weeks ago. The S&P 500 Index jumped 1.3%, while the tech-heavy Nasdaq 100 Index climbed 1.4% in its 13th straight daily gain, the longest winning streak since 2013. The Dow Jones Industrial Average increased by 2%. Optimism grew as Iran Foreign Affairs Minister Abbas Araghchi announced that all commercial ships can now pass through the Strait of Hormuz. The market has seen a significant recovery this month, with the S&P 500 rising every day but one. Earnings season continues to show mixed results, with Truist Financial Corp. shares slipping and Netflix Inc. plunging after a disappointing outlook. Investors await comments from Federal Reserve officials ahead of the next policy decision on April 29.
