What a wild ride the market’s been on this year.
The S&P 500 closed at an all time high, slightly above 7,126, on Friday after President Trump declared the ever-important Strait of Hormuz “COMPLETELY OPEN AND READY FOR BUSINESS.” (His emphasis on the capitalization, of course).
The index gained about 1.2% or 84.76 basis points on Friday, capping off a strong week where it surged about 4.7% or 319.75 points.
The major index started off the year strong. But the Iran War, and the resulting energy shock that sent oil skyrocketing past $110 per barrel, sent everyone’s portfolios careening downward in March. And though Iran and the U.S. haven’t yet reached a peace deal, the market seems to be pricing that in already.
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The index is up nearly 4% this year, a sign that the underlying economy may be stronger than many suspect. Over the last month, the S&P 500 rose about 12%, its best monthly gain since 2020 as the economy recovered from the COVID pandemic.
The Nasdaq Composite Index, a basket of mostly big tech stocks, gained 7% this week to a record high and has posted gains each of the last 13 trading days. The Dow Jones Index rallied nearly 900 points on Friday.
Peace looks good on the market.
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