Hormuz Opened: Wall Street Celebrates, Records Best Performance in 34 Years

The United States stock market, Wall Street, celebrated exuberantly during Friday’s trading (17/4/2026). Shares surged sharply after Iran declared the Strait of Hormuz fully open, following the announcement of a ceasefire between Israel and Lebanon. The S&P 500 Index rose 1.2% to close at 7,126.06, breaking through the 7,100 level for the first time in history. The Nasdaq Composite strengthened 1.52% to 24,468.48, recording its 13th consecutive daily gain and becoming the longest rally since 1992, or 34 years ago. Both indices set new intraday and closing records. The Dow Jones Industrial Average jumped 868.71 points, or 1.79%, to 49,447.43. The Russell 2000 also hit a new record, with a gain of more than 2%. In a post on X on Friday, Iran’s Foreign Minister Seyed Abbas Araghchi wrote: “In line with the ceasefire in Lebanon, the route for all commercial ships through the Strait of Hormuz is declared fully open for the remainder of the ceasefire period, via coordinated routes as announced by the Ports and Maritime Organisation of the Islamic Republic of Iran.” As quoted from CNBC International. US President Donald Trump stated on Thursday that the leaders of Israel and Lebanon had agreed to a 10-day ceasefire starting at 5:00 PM Eastern US time that day. Oil prices plunged after Iran’s announcement as concerns over supply disruptions eased. West Texas Intermediate crude futures dropped nearly 12% to US$83.85 per barrel, while Brent Crude fell 9% to US$90.38 per barrel. Hopes for achieving peace drove shares to records throughout the week. Wall Street’s three major indices all posted solid weekly gains. The Dow rose 3.2% over the week, the S&P 500 climbed 4.5%, and the Nasdaq surged 6.8%. Trump, who thanked Iran for opening the strait via a post on Truth Social, also said Iran had agreed never to close the shipping lane again. In a separate post, he stated that the US Navy’s blockade of Iranian ports would “REMAIN IN FULL EFFECT” until a peace agreement is reached with Tehran. However, the opening of the Strait of Hormuz could be limited. Iran’s Tasnim news agency reported that ships and cargo related to hostile countries would not be allowed to pass. Tasnim also said the strait would be closed again if the US blockade continues. It remains unclear whether ships will be charged toll fees to traverse the waterway. Shares in sectors vulnerable to the closure of the Strait of Hormuz, such as cruise lines and airlines, also rebounded. Boeing shares rose 2%, while Royal Caribbean jumped 7%. Amazon and Airbnb shares also strengthened. Investors are now said to be starting to look past this conflict. “I think the market has pulled back from the worst-case scenario and is seeing a path for the US and Iran to end the conflict and keep the Strait of Hormuz open. As long as that remains the most likely scenario, the market will price it in,” said Anthony Saglimbene, chief market strategist at Ameriprise Financial. Trump also said on Thursday that the war with Iran should end soon. He made the statement at an event in Las Vegas and described the conflict as going very well. Earlier this week, he also said the war was very close to an end and that Iran was eager to make a deal. Saglimbene added that the easiest part of this rally has likely passed. Going forward, especially for the technology sector and the ‘Magnificent Seven’ group, “We need to see corporate earnings not only meet analyst expectations but also strong forward guidance,” he said.