[New York Stock Exchange] Surges on "Full Opening of Hormuz"... S&P, Nasdaq Hit Record Highs

by Lee Seunghyeong

Published 18 Apr.2026 09:24(KST)

The three major stock indexes on the New York Stock Exchange surged after Iran announced it would allow merchant ships to pass through the Strait of Hormuz during the ceasefire period. Both the S&P 500 and the Nasdaq set new all-time highs for the third consecutive trading day.

Reuters Yonhap News

On April 17 (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 49,447.43, up 868.71 points (1.79%) from the previous session. The large-cap S&P 500 index rose by 84.78 points (1.20%) to 7,126.06, and the tech-heavy Nasdaq climbed 365.78 points (1.52%) to close at 24,468.48.

On the same day, Iranian Foreign Minister Abbas Araghchi stated, "Reflecting the ceasefire situation in Lebanon, we will fully allow the passage of all merchant ships through the Strait of Hormuz for the remainder of the ceasefire period." The previous day, Lebanon had agreed to a ten-day ceasefire with Israel.

U.S. media outlet Axios reported, "A plan is being discussed in which the United States would release $20 billion in Iranian funds that had been frozen, in exchange for Iran giving up its stockpile of enriched uranium." Iran has long made the unfreezing of its assets a key demand. U.S. President Donald Trump said, "We are very close to an agreement," adding, "There are no obstacles at all."

However, some in the market are cautioning against excessive optimism. According to Reuters, a senior Iranian official stated, "There is still a considerable gap between the conditions for ending the war as set by the United States and Iran." In the Iranian parliament, there were also comments that merchant ships passing through the Strait of Hormuz could be subject to transit fees. Steven Weiss, Chief Investment Officer (CIO) at Short Hills Capital Partners, said, "This is the fastest shift from oversold to overbought in the past 40 years," noting, "Typically, when this happens, prices tend to correct."

By sector, healthcare, industrials, consumer discretionary, technology, consumer staples, and real estate all rose by more than 1%. Energy fell by nearly 3%. The Philadelphia Semiconductor Index advanced by 2.43%.

By individual stock, all of the major technology companies with market capitalizations over $1 trillion gained. In addition, news of the reopening of the Strait of Hormuz boosted travel and airline stocks. Delta Air Lines rose 2.62%, while United Airlines surged 7.12%.

The CME FedWatch federal funds rate futures market reflected a 37.3% probability that the benchmark interest rate would be cut by 25 basis points (1bp=0.01 percentage points) by the end of December this year. The previous day's closing probability was 25.9%. The Chicago Board Options Exchange (CBOE) Volatility Index (VIX) fell 0.46 points (2.56%) from the previous session, closing at 17.48.