Weeks of war, inflation fears and $100 crude culminated Friday, April 17, in a flurry of social media posts announcing the reopening of the Strait of Hormuz — and Wall Street erupted.
Iran’s foreign minister declared the waterway “completely open” for commercial vessels for the remaining period of the ceasefire.
“A great and brilliant day for the world,” President Donald Trump said.
Oil plunged 15% and the S&P 500 crossed 7,100 for the first time in history. It was the week the market had been waiting for since Feb. 28, when the U.S. and Israel initiated coordinated military operations against Iran.
As of midday Friday, the main U.S. stock market average posted its third consecutive week of gains and rose 12% over that stretch — the best three-week performance since April 2020.
The week’s biggest winners within the S&P 500 were Robinhood, which surged 32%, Oracle up 30% — its best week since 1999 — and Coinbase, which added 25% as risk appetite roared back across growth and crypto names.
The Nasdaq 100 reached 26,700, extending a winning run to 13 consecutive sessions, the longest streak since 2013 and one that has occurred just four times in the index’s entire history. The 13-day move also ranks as the best since the pandemic rebound of April 2020.
Small caps joined the party. The Russell 2000 hit a record at 2,780, up 15% in 13 days, closing in the green every single day of the week.
Oil’s reversal was equally historic. WTI crude is now down 27% in two weeks — its worst two-week decline since April 2020 — as traders priced in the prospect of shipping in the Strait of Hormuz returning to something resembling normalcy.
The biggest losers were last month’s biggest winners.
Energy names including APA Corp., Devon Energy and Coterra Energy each fell roughly 10% on the week as the war premium that had defined the first quarter began to unwind.
For Michigan’s automakers, the week offered an extension of the rally.
General Motors rallied 7.7%, its best weekly performance since October 2025. Ford gained 7%, notching its third consecutive week of gains.
The two-week ceasefire expires April 21. Talks between Washington and Tehran resume Sunday in Islamabad.
Benzinga is a financial news and data company headquartered in Detroit.
This article originally appeared on Detroit Free Press: Wall Street gets the week it’s been waiting for with Iran news
Reporting by Benzinga / Detroit Free Press
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