S&P 500 Hits Fresh All-Time High at 7,022

The S&P 500 closed up 0.8% at 7,022, breaching January's previous high despite Middle East tensions. The index has rallied 11% since its March 30 low. Nasdaq also set a new record. Crude fell sharply as Iran's foreign minister declared the Strait of Hormuz 'fully open,' with WTI plunging 9.8% to $85.37 per barrel.