Markets
Stocks rallied last week as investor enthusiasm built for an end to the war in the Middle East and hopes for a resumption of normal global trade.
The Standard & Poor’s 500 Index rose 4.54 percent, while the Nasdaq Composite Index gained 6.84 percent. The Dow Jones Industrial Average advanced 3.19 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, increased 2.15 percent.¹²
Shift to ‘Risk-On’
Stocks continued to ride hopeful sentiment of a ceasefire at the start of last week, with all three averages advancing. The S&P 500 has recouped all its losses since the start of the war.³
Momentum accelerated through midweek as investors shifted from “risk-off” to “risk-on.” The White House signaled that the war was “very close to over,” amid reports that further talks were under discussion.
At Wednesday’s close, the S&P advanced for the 10th time out of the last 11 trading sessions, while the Nasdaq marked its 11th straight close in the green.⁴
Stocks pushed higher again on Thursday, with the Nasdaq recording its longest winning streak since 2009. The week wrapped on a high note after Iran’s foreign minister announced the Strait of Hormuz was “completely open” as negotiations continued. Oil prices dropped by roughly 10 percent on Friday, sparking another solid day on Wall Street.⁵⁶
Record-Setting Week
Last week was one for the record books. By midweek, the S&P 500 and Nasdaq hit all-time highs. The S&P broke 7,000 for the first time, while the Nasdaq topped 24,000.
The shift from “risk-off” to “risk-on” pushed the S&P over the 7,100 threshold for the first time on Friday. The Nasdaq ended the week on a 13-day winning streak, its longest since 1992. The Dow Industrials closed at 49,447.43, just below its all-time high set in early February 2026.
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