Stocks surged Friday as Iran cleared the Strait of Hormuz for commercial traffic, easing war‑time anxieties. The S&P 500 climbed 1.5%, extending a three‑week winning streak and positioning the index for its strongest series of daily gains this year. The rally lifts the month‑to‑date gain to roughly 12%, so the best since the 2020 pandemic rebound.

Tech‑heavy Nasdaq logged its 13th straight advance, the longest daily‑gain run since 1992, while oil prices slipped on expectations of steadier supply. The VIX fell to its lowest point since the conflict began, reflecting muted fear. The put‑call ratio hit a January low and the Cboe SKEW eased. Meanwhile, fund flows added $17 billion to U.S. equity vehicles this week.

Deutsche Bank’s Jim Reid called the pace ‘astonishing,’ yet trading volume stayed modest as investors favored options over outright purchases. Strong quarterly reports from JPMorgan Chase, PepsiCo and other S&P constituents underpinned expectations of a sixth consecutive double‑digit earnings expansion. Investors therefore remain positioned for upside rather than defensive hedging. The market’s trajectory reflects confidence that the Middle‑East flare‑up will not dent corporate profit margins.