S&P 500 surges, Dow jumps 1,000 points as airline stocks skyrocket, Nasdaq eyes record gaining streak since 2009 after oil prices today crashes as Strait of Hormuz reopens - how US stock market is performing on April 17

S&P 500, Dow Jones and Nasdaq rallying today: The US stock market rallied sharply on Friday, extending what analysts described as one of the fastest recoveries in decades, as falling oil prices and easing geopolitical tensions lifted investor sentiment, as per a report.

US Stock Market Today: Why Dow, S&P 500, Nasdaq Extend Rally

All three major US indexes opened higher, with the Dow Jones Industrial Average jumping about 1,000 points, or 2.1%, the S&P 500 and Nasdaq also gained 1.3% and 1.6%, respectively, as per a Forbes report.

Nasdaq Eyes Longest Winning Streak Since 2009

The Nasdaq is now on track for its 13th straight day of gains, which would mark its longest winning streak since 2009.

Oil Prices Today Drop Sharply: Strait of Hormuz Reopening Boosts Market Confidence

A key driver behind the surge was a sharp drop in oil prices. Brent crude fell more than 10% to around $89, its lowest level since March 11, after Iran announced that the Strait of Hormuz would be fully reopened to commercial shipping during an ongoing ceasefire with the United States, as reported by Forbes. The move helped ease concerns about global energy supply and costs.

Airline and Cruise Stocks See Massive Gains

The impact was especially visible in airline and travel stocks. United Airlines rose 10%, while American Airlines, Southwest Airlines, and Alaska Air Group also posted strong gains. Cruise companies including Royal Caribbean, Norwegian Cruise Lines, and Carnival saw similar jumps.

Top Stock Market Performers: Boeing, Tesla, Apple, Nvidia Lead Rally

Within the Dow, Boeing led gains with a 3.6% rise, alongside increases in Salesforce, Sherwin-Williams, American Express, and Home Depot, as per the Forbes report. Tech stocks also contributed to the rally, with companies such as Strategy, Palantir, Tesla, Apple, Amazon, and Nvidia moving higher.

S&P 500 Recovery Explained: Fastest 9% Comeback in Decades

The broader market recovery has been swift. The S&P 500 rebounded from a 9% drop in just 11 trading sessions, the fastest such turnaround since at least 1990, according to Barclays, as reported by Forbes. The index’s journey from a recent high to a low and back to a new record earlier this week took just 54 sessions, the quickest comeback since 2020, driven largely by semiconductor and media stocks.

US-Iran Ceasefire: Key Factor Behind Market Optimism

Markets had been under pressure earlier amid concerns about the economic impact of tensions between the United States and Iran. Worries about rising oil prices had also pushed inflation higher in March. Although a ceasefire announced by US president Donald Trump earlier this month initially boosted sentiment, uncertainty remained as officials raised concerns about its stability. Recent developments, including steps to reinforce the ceasefire, appear to have helped restore confidence among investors.

FAQs

How fast did the S&P 500 recover?

It bounced back from a 9% drop in just 11 trading sessions.

Why did oil prices fall?

Because Iran announced the Strait of Hormuz would reopen for shipping.