S&P 500 hits record high after Iran declares Strait of Hormuz open
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The S&P 500 hit a record high after Iran declared the Strait of Hormuz open for commercial vessels, but US President Donald Trump stated the naval blockade would remain in effect. Wall Street's major averages jumped to end at record highs despite the mixed signals.
Wall Street's major averages surged to record highs on Friday after Iran announced it was opening the Strait of Hormuz to commercial vessels. However, the gains came despite uncertainty as US President Donald Trump contradicted Iran's statement, saying the naval blockade would stay in place. The benchmark S&P 500 index rose to a new record high. The conflicting messages from Iran and the US created a mixed market reaction. The S&P 500 ended the day at a record high, reflecting the market's overall positive sentiment.
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