"The S&P 500 has surged more than 3.3% for the week, erasing the correction that briefly knocked it nearly 10% below its January record. The broader market index is also higher YTD, up about 3%."
"Trump confirmed he spoke with Lebanese President Joseph Aoun and Israeli Prime Minister Benjamin Netanyahu, announcing a 10-day ceasefire beginning at 5 p.m. ET, and the next round of U.S.-Iran talks could happen 'probably, maybe, next weekend.'"
"Oil is pricing in the de-escalation. WTI crude dropped nearly $5 to around $90 in Friday premarket trading, while Brent crude futures were down more than 3%. Elevated oil was the primary inflation threat hanging over the market."
The S&P 500 index closed at 7,022.95, marking a historic milestone. Futures indicate further gains as President Trump confirmed progress in ending the Iran war. The Strait of Hormuz is open, contributing to market optimism. The S&P 500 surged over 3.3% for the week, recovering from a previous correction. United Airlines and Southwest Airlines saw significant gains amid merger rumors. The potential ceasefire in the Iran conflict is a key driver of the rally, with oil prices reacting to the de-escalation.
Read at 24/7 Wall St.
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