Stocks Extend ‘Astonishing’ Rally as Middle East Tensions Ease Further
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The S&P 500 stock index rose 1.2% on Friday, extending a three-week rally fueled by easing Middle East tensions and strong corporate earnings. The index has climbed nearly 4% since the US and Israel started attacking Iran on Feb. 28.
The S&P 500 stock index rose 1.2% on Friday, capping a three-week rally driven by optimism about the reopening of the Strait of Hormuz and strong corporate earnings. The index has climbed almost 10% this month, its best monthly gain since 2020. Iran's announcement that the Strait of Hormuz had reopened to commercial shipping boosted investor confidence. Oil prices fell sharply, with Brent crude dropping over 9% to $90 per barrel. Strong earnings reports from companies like JPMorgan Chase and PepsiCo supported investor optimism. The VIX volatility index, or Wall Street's 'fear gauge,' fell to its lowest level since the war in Iran began.
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