Nasdaq posts longest winning streak since 1992

US stocks ended Friday at fresh record highs for the third consecutive session, posting weekly gains, supported by Iran’s announcement of fully reopening the Strait of Hormuz to commercial navigation.

The Dow Jones Industrial Average surged 1.79%, or 869 points, to 49,447, closing above 49,000 for the first time since late February and posting weekly gains of 3.20%.

The broader S&P 500 gained 1.20%, or 84 points, to 7,126, closing above 7,100 for the first time ever, with weekly gains of 4.53%.

The Nasdaq Composite rose 1.52%, or 365 points, to 24,468, closing at a new record high and marking its 13th consecutive daily gain—the longest streak since 1992—while surging 6.83% over the week.

In Europe, the Stoxx Europe 600 rose 1.56% to 626 points, extending weekly gains to 1.91%.

The UK’s FTSE 100 gained 0.73% to 10,667 points, Germany’s DAX jumped 2.27% to 24,702 points, and France’s CAC 40 rose 1.97% to 8,425 points.

In Japan, the Nikkei 225 fell 1.75% to 58,475 points, but posted weekly gains of around 2.7%, while the broader Topix declined 1.41% to 3,760 points.

Brent crude futures for June delivery fell 9.10%, or $9.01, to $90.38 per barrel, posting weekly losses of 5%.

US Nymex crude futures for May delivery dropped 11.45%, or $10.84, to $83.85 per barrel, declining 13.17% over the week.

Gold futures for June delivery rose 1.48%, or $71.30, to $4,879.60 per ounce, gaining 1.92% for the week.

What’s behind the market moves?

Stocks were strongly supported by the drop in oil prices following the reopening of the Strait of Hormuz, easing concerns over prolonged disruptions to global energy supplies, alongside optimism that the war may be nearing an end after Trump signaled the possibility of holding new negotiations over the weekend.