U.S. Stocks Close Week on High Note
The Nasdaq climbed 1.52%, adding 365.78 points to settle at 24,468.48, while the S&P 500 advanced 1.2%, or 84.78 points, to close at 7,126.06 — both benchmarks notching record highs. The Dow Jones Industrial Average was not far behind, surging 1.79%, or 868.71 points, to finish at 49,447.43.
The rally was fueled largely by the announcement that the Strait of Hormuz had been reopened to commercial shipping, alleviating fears of a major supply chain disruption. US President Donald Trump had announced on Thursday that Israel and Lebanon reached a 10-day ceasefire agreement. Iranian Foreign Minister Abbas Araghchi subsequently confirmed that the Strait of Hormuz would remain accessible to all commercial vessels for the duration of the ceasefire period.
In a social media post, Trump declared the strait completely open, while noting that the US naval blockade against Iran would remain in place until the deal is fully finalized. He also signaled that negotiations with Tehran were in their final stages, with agreement reached on the majority of outstanding points and a completed deal expected imminently.
With supply disruption fears receding, oil markets retreated sharply. Brent crude futures tumbled approximately 9% to around $91 per barrel as of 2040 GMT.
European Markets
Across the Atlantic, European bourses mirrored the optimism. The pan-European Stoxx 600 index gained 1.56% to close at 626.58 points.
Among national indices, Germany's DAX 40 led the charge with a 2.27% surge to 24,702.24, followed by Spain's IBEX 35, which climbed 2.18% to finish at 18,484.50. France's CAC 40 advanced 1.97% to 8,425.13, while Italy's FTSE MIB 30 rose 1.75% to 48,869.43. Britain's FTSE 100 posted a more modest gain of 0.73%, closing at 10,667.63.
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