Strait Truth: S&P 500 Gets First Close Above 7,100, New High For Nasdaq

In a strong response to Iran officially declaring that the Strait of Hormuz is completely open, U.S. stocks went even higher to wrap up the week.

The Dow Jones Industrial Average rose by 869 points, or 1.8%. The S&P 500  traded up 1.2% and went past 7,100 for the first time ever, while Nasdaq gained 1.5%, with both hitting new all-time intraday highs.

Oil prices plummeted as well, with U.S. West Texas Intermediate futures dropped almost 12% to $83.85 a barrel, while international benchmark Brent crude futures declined 9% to settle at $90.38 a barrel.

President Trump said in a post on Truth Social that the U.S. navy’s blockade of Iranian ports will “REMAIN IN FULL FORCE” until a peace agreement with Tehran has been reached, adding that “THIS PROCESS SHOULD GO VERY QUICKLY IN THAT MOST OF THE POINTS ARE ALREADY NEGOTIATED.”