U.S. stocks rose across the board as expectations grew for the reopening of the Strait of Hormuz, a key crude oil shipping lane.
On the 16th (Eastern time), the Dow Jones Industrial Average on the New York Stock Exchange (NYSE) closed up 387.94 points, or 0.83%, at 46,946.41. The Standard & Poor's (S&P) 500 rose 67.19 points, or 1.01%, to 6,699.38, and the Nasdaq composite gained 268.82 points, or 1.22%, to 22,374.18.
In particular, both the Dow and the S&P 500 turned higher for the first time in five sessions, while the Nasdaq rose for the first time in three sessions.
New York stocks faced strong upward pressure from early trading as international oil prices fell on expectations of the Strait of Hormuz reopening. Iran's Minister of Foreign Affairs Abbas Araghchi said in an interview with semi-official outlet SNN TV that it was closed only to "enemies and those who support their attacks." In fact, ships from Iran, China and India were reported to be transiting the strait.
The prospect of continued releases from strategic reserves also pressured oil prices lower. International Energy Agency (IEA) Executive Director Fatih Birol said that even after releasing 400 million barrels from reserves, more than 1.4 billion barrels remain, adding this "means additional steps are possible in the future if needed."
Oil also got a positive lift after U.S. President Donald Trump claimed he was talking with Iran. West Texas Intermediate (WTI) for April delivery tumbled 5.28% from the prior session to settle at $93.5 per barrel.
As signs of easing in oil prices calmed inflation worries, buying continued in technology shares. The megacap tech group "Magnificent 7" advanced across the board: Nvidia (+1.65%), Tesla (+1.11%), Amazon.com (+1.96%), Meta Platforms (+2.33%), Alphabet (Class A, +1.09%), Microsoft (+1.11%) and Apple (+1.08%).