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U.S. stocks rocketed higher on Friday after Iran declared the Strait of Hormuz “completely open” on the heels of a ceasefire announcement between Israel and Lebanon.
The Dow Jones Industrials popped 868.95 points to open the week’s last session at 48,447.67.
The S&P 500 jumped 73.33 points, or 1%, to 7,114.61
The tech-heavy NASDAQ hiked 277.97 points, or 1.2%, to 24,380.67.
Stocks in key industries vulnerable to the strait’s effective closure, such as cruise lines and airlines, rebounded. Shares of Boeing advanced 4% and Royal Caribbean, gained 9%.
Others such as Amazon and Airbnb also moved higher.
The latest developments build on Trump’s comments from earlier this week that the Middle East conflict is “very close to over” and that Tehran wants to “make a deal very badly.”
Hopes of a peace deal have propelled stocks to record highs in recent days, with the three major averages all pacing for a solidly positive week. The blue-chip Dow has added nearly 3%, while the S&P 500 has risen more than 4% and the NASDAQ has gained more than 6%.
Prices for the 10-year Treasury spiked, lowering yields to 4.24% from Thursday’s 4.31%. Treasury prices and yields move in opposite directions.
Oil prices boarded the “down” elevator $10.25 to $84.44 U.S. a barrel.
Gold prices climbed $81.50 to $4,889.80 U.S. an ounce.
