By STAN CHOE, AP Business Writer<\/p>\n
NEW YORK (AP) \u2014 Oil prices are falling by more than 10% Friday, and Wall Street is rallying toward\u00a0another record<\/a>\u00a0after\u00a0Iran said the Strait of Hormuz is fully open<\/a>, allowing oil tankers to exit the Persian Gulf again and carry crude to customers worldwide.<\/p>\n The S&P 500 climbed 0.8% as U.S. stocks run toward the finish of a third straight week of big gains, their longest such streak since Halloween. The Dow Jones Industrial Average was up 678 points, or 1.4%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 1% higher.<\/p>\n Stocks have jumped more than 11% since hitting\u00a0a bottom in late March<\/a>\u00a0on hopes that the United States and Iran can avoid a worst-case scenario for the global economy despite\u00a0their war<\/a>. The reopening of the\u00a0Strait of Hormuz<\/a>\u00a0is the clearest yet signal for optimism, and\u00a0President Donald Trump<\/a>\u00a0said in a speech late Thursday that the war\u00a0\u201cshould be ending pretty soon.\u201d<\/a><\/p>\n The price for a barrel of benchmark U.S. crude tumbled 10.8% to $81.28.<\/p>\n Brent crude, the international standard, dropped 10.3% to $89.13. To be sure, it remains above its $70 level from before the war, indicating some caution is still embedded in financial markets.<\/p>\n Several times since the war began,\u00a0optimism<\/a>\u00a0on Wall Street has\u00a0quickly swung<\/a>\u00a0to doubt about a possible end to the fighting. That in turn has caused vicious and sudden swings of prices for everything from stocks to bonds to oil.<\/p>\n A strong start to the earnings reporting season for big U.S. companies has also helped to support the U.S. stock market, and several more financial companies joined the list Friday of companies delivering bigger profits for the start of 2026 than analysts expected.<\/p>\n State Street rose 2.9%, and Fifth Third Bancorp added 1.9% after both reported better results for the latest quarter than expected.<\/p>\n They helped offset an 11.5% drop for Netflix, which fell even though it likewise delivered a better profit than expected. It did not raise its forecast for revenue growth for the full year, which analysts said may have disappointed some investors. It also said\u00a0Reed Hastings<\/a>, cofounder and chairman of the streaming company, will\u00a0step down from its board<\/a>\u00a0of directors in June when his term expires.<\/p>\n In stock markets abroad, stock indexes leaped in Europe following Iran\u2019s announcement about the Strait of Hormuz. France\u2019s CAC 40 jumped 2%, and Germany\u2019s DAX returned 2.2%.<\/p>\n In Asia, where trading finished for the day before the announcement, indexes were weaker. Japan\u2019s Nikkei 225 lost 1.8%, and Hong Kong\u2019s Hang Seng fell 0.9% for two of the bigger losses.<\/p>\n In the bond market, Treasury yields eased sharply as falling oil prices took pressure off inflation. The yield on the 10-year Treasury dropped to 4.24% from 4.32% late Thursday.<\/p>\n AP Business Writers Chan Ho-him and Matt Ott contributed to this report.<\/p>\n","protected":false},"excerpt":{"rendered":"By STAN CHOE, AP Business Writer NEW YORK (AP) \u2014 Oil prices are falling by more than 10%…\n","protected":false},"author":2,"featured_media":70245,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[573,196,3542,6342,7266,261,39,10733,10732,2361],"class_list":{"0":"post-70244","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-persian-gulf","8":"tag-dow-jones-industrial-average","9":"tag-iran-war","10":"tag-israel-lebanon-ceasefire","11":"tag-nasdaq","12":"tag-new-york-stock-exchange","13":"tag-oil-prices","14":"tag-persian-gulf","15":"tag-sp-500","16":"tag-stock-market-today","17":"tag-wall-street"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/116420440534897974","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/70244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=70244"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/70244\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/70245"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=70244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=70244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=70244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}