The S&P 500 reached a new record high on Friday, crossing the 7,100 threshold for the first time. The surge is driven by optimism surrounding the reopening of the Strait of Hormuz and hopes for a resolution to the conflict in Iran.
- S&P 500 index rose approximately 1.3% on Friday
- Index surpassed the 7,100 level for the first time in history
- Reopening of the Strait of Hormuz acted as the primary catalyst
- Investors are betting on a resolution to the U.S.-Israeli war in Iran
- The index achieved its third record close in three trading days
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