Oil tumbles 10% as Wall Street rallies toward another record after Iran reopens the Strait of Hormuz

Oil prices are falling by 10%, and Wall Street is rallying toward another record after Iran said the Strait of Hormuz is fully open, which would allow oil tankers to exit the Persian Gulf again and carry crude to customers worldwide. The S&P 500 climbed 1% as U.S. stocks race toward the finish of a third straight week of big gains. The Dow Jones Industrial Average jumped 722 points, and the Nasdaq composite added 1.1%. Stocks have rallied 12% since late March on hopes that the United States...