Dow Jumps 916 Points, S&P 500 Tops 7,100 for the First Time After Iran Says Hormuz Is Open
U.S. stocks surged on Friday after Iran declared the Strait of Hormuz “completely open” for commercial traffic, following a ceasefire announcement between Israel and Lebanon. The Dow Jones Industrial Average climbed 916 points (+1.9%), while the S&P 500 rose 1.1% and crossed 7,100 for the first time. The Nasdaq Composite gained 1.3%, with both the S&P 500 and Nasdaq hitting fresh intraday record highs. The Russell 2000 also set a new high, last up 2.5%.
In a post on X on Friday, Iranian Foreign Minister Seyed Abbas Araghchi said that, in line with the Lebanon ceasefire, passage for all commercial vessels through the Strait of Hormuz was “declared completely open” for the remainder of the ceasefire period, along a “coordinated route” already outlined by Iran’s maritime authorities. President Donald Trump said on Thursday that Israel and Lebanon’s leaders agreed to a 10-day ceasefire, which took effect at 5 p.m. ET.
Oil prices fell sharply after Iran’s announcement as fears of supply disruptions eased. WTI futures slid about 10% to trade above US$84 a barrel, while Brent dropped roughly 9% to trade above US$90 a barrel.
Source : Newsmaker.id
