Iran declared the Strait of Hormuz to be completely open after a ceasefire was announced on Thursday between Israel and Lebanon, causing the U.S. stock market to soar, CNBC reported.
The Dow Jones Industrial Average rose by 1.8%. The S&P 500 rose 1.1% and crossed 7,100 for the first time. The Nasdaq Composite gained 1.3%, all on Friday afternoon.
The strait is set to remain open for the 10-day ceasefire, which began on Thursday.
Oil prices also dipped after the announcements. Oil, which was hovering at or above $100 per barrel, dropped to just above $84 for U.S. prices, and just about $90 internationally.
