Oil prices dropped back to where they were in the early days of the Iran war, and US stocks raced to another record Friday after Iran said the Strait of Hormuz is open again for commercial tankers carrying crude from the Persian Gulf to customers worldwide.
- The Dow rose 868.71 points, or 1.8%, to 49,447.43, finishing the week 3.2% higher.
- The S&P 500 rose 84.78 points, or 1.2%, to 7,126.06, up 4.5% for the week.
- The Nasdaq rose 365.78 points, or 1.5%, to 24,468.48, 6.8% higher for the week.
The stock market has jumped more than 12% since hitting bottom in late March on hopes the US and Iran can avoid a worst-case scenario for the global economy despite their war, the AP reports. Friday's reopening of the strait, which may only be temporary, is the clearest signal yet for optimism. Several times since the war began, optimism on Wall Street has quickly deteriorated into doubt about an end to the fighting. That in turn has caused vicious and sudden price swings for everything from stocks to bonds to oil.
Companies with big fuel bills posted some of the biggest gains Friday. United Airlines flew 7.1% higher, and Southwest Airlines climbed 5.1%. Operators of cruise ships, which guzzle fuel, also steamed higher. Royal Caribbean Group gained 7.3%, and Carnival rose 7%. Housing and auto-related companies likewise got some relief from the drop in oil prices. Builders FirstSource, a supplier of windows and other products, rose 5.5%, and homebuilder PulteGroup gained 5% on hopes that lower mortgage rates will spur more people to buy houses. Carvana climbed 7% because lower loan rates can get more customers into new autos.
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