Stock Market Update

[BRIEFING.COM] The stock market is rallying today following an announcement from Iran's foreign minister that the Strait of Hormuz will reopen to commercial traffic for the duration of the ceasefire, which is set to expire on Tuesday. The announcement, which came just before the open, added even more enthusiasm to a market that was already on track for solid opening gains.

Oil prices plummeted, with crude oil hovering around the $80 per barrel mark, currently $10.60 (-11.6%) lower at $80.57 per barrel.

The S&P 500 (+1.2%) and Nasdaq Composite (+1.5%) quickly notched fresh record highs, while broad participation lifted the DJIA (+2.0%) with an even wider gain. The Russell 2000 (+2.2%) and S&P Mid Cap 400 (+2.2%) hold similar gains as the market leans into the risk-on enthusiasm. 

Oil-sensitive stocks such as airlines and cruise lines are among the top performers, while rate-sensitive pockets of the market are also benefiting. The iShares U.S. Home Construction ETF is up 5.6%.

The Nasdaq Composite is on track to extend its winning streak to 13 consecutive sessions, which is the longest streak since 1992.