S&P 500 Crosses 7,100 as Nasdaq Hits 13-Day Streak
All three major indexes set records Friday as geopolitical relief and tech strength propel stocks to fresh highs.
The S&P 500 closed above 7,100 for the first time Friday, capping one of the most remarkable rallies in recent memory.
The index gained 1.2% to finish at 7,126.06. The Nasdaq Composite rose 1.52% for its 13th consecutive winning session—the longest streak since 1992. The Dow jumped 850 points, or 1.8%. Small caps led the charge: the Russell 2000 surged 2.11% to an all-time high of 2,776.90.
Every major sector finished higher. Risk is on.
Why Friday Was Different
Iran's foreign minister declared the Strait of Hormuz "completely open" to commercial traffic, following Thursday's Israel-Lebanon ceasefire announcement. Oil dropped 4% on the news.
The geopolitical premium that's weighed on markets since March is unwinding fast. With the immediate war risk fading, traders rotated back into beaten-down cyclicals and growth names.
"This feels like early 2023," one hedge fund PM told Bloomberg. "Everyone was positioned for disaster, and now they're chasing."
The Numbers
| Index | Close | Change | April |
|---|---|---|---|
| S&P 500 | 7,126.06 | +1.20% | +9.4% |
| Nasdaq Composite | 24,489 | +1.52% | +12.8% |
| Dow Jones | 49,356 | +1.80% | +5.7% |
| Russell 2000 | 2,776.90 | +2.11% | +8.3% |
13 Days and Counting
The Nasdaq's streak deserves context. The last time the tech-heavy index posted 13 straight gains was July 1992—when Bill Clinton was campaigning and the internet barely existed.
What makes this streak unusual is the breadth. It's not just NVIDIA dragging the index higher. Semis, software, and consumer tech are all participating. The advance-decline ratio has remained positive for 10 of the 13 sessions.
A few names stood out Friday:
- Intel extended its April surge, now up 55% month-to-date
- Oracle rallied for the fifth straight session on its Bloom Energy partnership
- Cruise lines popped 9%+ as oil relief boosted travel names
What Could Stop It
Nothing lasts forever. A few potential speed bumps:
Earnings season pivots. Banks are done; tech reports next week. Netflix's post-earnings selloff showed markets have limited patience for guidance misses.
Ceasefire expiration. The Iran deal is temporary. If talks break down before April 21, oil spikes back and the rally reverses.
Overbought readings. The S&P's RSI hit 78 Friday—deep into overbought territory. Some consolidation wouldn't be surprising.
But bears have been wrong for 13 straight sessions. Hard to argue with that.
The Week Ahead
Monday brings more regional bank earnings and housing data. Tuesday features the Chicago Fed National Activity Index. But the real action starts Thursday when Tesla and Alphabet kick off mega-cap tech earnings.
Markets are pricing in strong results. They usually get what they expect—until they don't.
For now, the path of least resistance remains higher. The S&P just crossed 7,100. The question isn't whether it can hold; it's how long until 7,200.