04:46 PM EDT, 04/17/2026 (MT Newswires) -- The Standard & Poor's 500 index rose 4.5% this week to a record close as investors grew more optimistic about the situation in the Middle East after Iran said the Strait of Hormuz was open.

The S&P 500 ended the week at 7,126.06, its highest closing level ever. The market benchmark also reached a fresh intraday high on Friday of 7,147.52.

The weekly climb -- its third in a row -- moved the S&P 500 back into positive territory for the year to date. It is now up 4.1% for 2026 and 9.2% for April.

President Donald Trump said Iran agreed to suspend its nuclear program indefinitely and won't receive any frozen funds from the US, Bloomberg reported. Trump said in a phone interview on Friday that a deal to end the war is mostly complete and talks over a lasting agreement will "probably" be held this weekend, according to the Bloomberg news report.

Earlier Friday, Iran announced the reopening of the Strait of Hormuz for the remainder of the US-Iran ceasefire period.

The technology sector had the largest percentage gain this week across the S&P 500's 11 sectors, jumping 8.1%, followed by a 6.6% climb in consumer discretionary and a 6.3% advance in communication services. Real estate and financials were also strong, rising more than 3% each, while industrials and health care also edged higher.

Oracle (ORCL) shares led the technology sector's advance, soaring 27%. The company said it plans to expand its multi-cloud networking capabilities to provide connectivity between Oracle Cloud Infrastructure and Amazon's (AMZN) Amazon Web Services.

The consumer discretionary sector was boosted by a 15% jump in Tesla (TSLA) shares. The electric vehicle maker is developing a new compact, lower-cost electric SUV as it looks to expand its lineup beyond the Tesla Model Y and Tesla Model 3, according to a Reuters report citing unnamed sources familiar with the matter. Also, Tesla is planning to launch a six-seat, long-wheelbase version of the Model Y in India as early as next week, Bloomberg reported, citing unnamed sources.

Four sectors declined this week, led by a 3.5% drop in energy and a 1.7% slip in utilities. Materials and consumer staples also edged lower.

The energy sector's drop came as crude oil futures fell amid Iran's announcement reopening the Strait of Hormuz. The hardest-hit stocks included shares of Coterra Energy ( CTRA ) , Devon Energy ( DVN ) and APA Corp. ( APA ) , which shed 7.5% each.

Quarterly earnings are expected next week from companies including Tesla, GE Aerospace (GE), GE Vernova (GEV), UnitedHealth Group (UNH), Philip Morris International (PM), International Business Machines (IBM), AT&T (T), Boeing (BA), Intel (INTC), American Express (AXP), Union Pacific (UNP), and Procter & Gamble (PG).

Economic data will include March retail sales and pending home sales as well as a final reading on April consumer sentiment.