Bonds & Stocks
Equities climbed after Iran announced that the Strait of Hormuz is now “completely open” for commercial traffic, prompting traders to take on more risk after an extraordinary rally. Oil and the dollar tumbled. S&P 500 futures rose 0.9% to a record high. The yield on 10-year Treasuries declined eight basis points.
Economy
Mortgage rates in the US fell for a second week as the spring home sales season gets off to a sluggish start. The average rate for 30-year, fixed loans was 6.3%, down from 6.37% last week, Freddie Mac reported on Thursday.
World
Oil and European natural gas prices tumbled after Iran’s Foreign Minister Abbas Araghchi said the Strait of Hormuz “is declared completely open.”