Stocks extended their record-setting rally after Iran announced that the Strait of Hormuz had reopened to commercial shipping, easing concerns about disruptions to global oil supplies. The benchmark index rose 1.5 percent on Friday, marking its strongest streak of daily gains this year and pushing its monthly increase to 12 percent, the biggest since 2020.

The technology-heavy index climbed for a thirteenth straight session, its longest run of gains in more than three decades. Analysts described the speed of the market’s rebound as remarkable, driven in part by falling oil prices and growing optimism that the conflict in the Middle East may be nearing resolution.

Investor confidence has also been supported by strong corporate earnings, with major banks and consumer companies reporting robust profits and expectations for continued double-digit growth. While overall trading volumes have remained relatively subdued, derivatives activity signals rising bullish sentiment, and more than 17 billion dollars flowed into United States stock funds during the latest week of reporting.