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The S&P 500's rise on Friday caps a striking three-week streak, powered by investors' optimism about the reopening of the Strait of Hormuz and strong corporate earnings.
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Hezbollah, the Iran-backed Lebanese militant group, acknowledged the ceasefire, but did not say whether it would abide by it and urged people displaced by war in Lebanon to refrain from heading home.
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President Trump welcomed the announcement, but U.S. officials said the naval blockade on vessels leaving from and going to Iranian ports remains in effect.
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;Resize=(620)) S&P 500, Dow Jones and Nasdaq all climbed in morning trading, as stocks run toward the finish of a third straight week of big gains. Brent crude oil, the international standard, dropped to about $86 US a barrel — still higher than the $70 before the Iran war, but lower than it has been in recent weeks.
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A White House spokesperson told CNBC the administration had been working with industry leaders to mitigate disruption brought about by the conflict.
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