Stock Market Rally Caps Surge as Nasdaq Posts 13-Day Win Streak Amid Iran Ceasefire Hope
The Nasdaq Composite achieved its longest winning streak since January 1992 as investors bought back into stocks following hopes of a U.S.-Iran peace deal and reopening of the Strait of Hormuz, though uncertainty persists.
Record Rally Streak
The Nasdaq Composite posted its 13th straight higher session, the longest stretch since January 1992, and the S&P 500 Index rose 4.5% for the week.
Market Whipsaw on Hormuz News
The Russell 2000 hit a new all-time high in early Friday trading after Iran announced it was opening the Strait of Hormuz, trading above 2,750. Iran declared the Strait of Hormuz completely open to commercial traffic during the ceasefire between Israel and Lebanon, with Foreign Minister Seyed Abbas Araghchi stating "the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire."
Earnings Season Momentum
The blended earnings growth rate for the first quarter is 13.2%. At this early stage, the first quarter earnings season for the S&P 500 is off to a strong start relative to expectations, with both the percentage of S&P 500 companies reporting positive earnings surprises and the magnitude of earnings surprises above recent averages.