The S&P 500’s rise on Friday caps a striking three-week streak, powered by investors’ optimism about the reopening of the Strait of Hormuz and strong corporate earnings.
The stock market continued its record-setting rally on Friday, after Iran announced that the Strait of Hormuz had reopened to commercial shipping, bolstering investors’ optimism that the conflict in the Middle East was nearing an end.
The S&P 500, which set a record high on Wednesday, rose an additional 1.2 percent on Friday, notching its best streak of daily gains so far this year.
Already this month, the S&P 500 has climbed almost 10 percent, which would be the best monthly gain since 2020 when markets were rebounding from the pandemic-induced sell-off. The index is nearly 4 percent higher than it was before the United States and Israel started attacking Iran on Feb. 28.
