The benchmark S&P 500 and the tech-heavy Nasdaq each rallied to their third record close in a row on Friday, while the blue-chip Dow marked its highest finish since late February. Investors reacted positively to Iran’s decision to open the Strait of Hormuz and expressed optimism about a potential deal with the United States to end their war. Iranian Foreign Minister Abbas Araqchi stated that passage for all commercial vessels through the Strait of Hormuz was “completely open” after a ceasefire agreement in Lebanon.
U.S. crude oil prices fell more than 11%, easing inflation concerns. The technology-heavy Nasdaq Composite gained 365.78 points, or 1.52%, to 24,468.48, marking its longest winning streak since 1992. The Dow Jones Industrial Average rose 868.71 points, or 1.79%, to 49,447.43, while the S&P 500 gained 84.78 points, or 1.20%, to 7,126.06.
Among the S&P 500’s 11 major industry sectors, energy was the biggest loser, down 2.9%. The biggest gainer was consumer discretionary, which finished up just under 2%. Caution remains regarding logistical challenges for shippers, with analysts noting potential mine hazards and high war-risk insurance premiums.
