The stock market rallied today, apparently driven by lower oil prices and geopolitical tensions in the Middle East. The major U.S. indexes snapped a four-day losing streak to post their best single-session gains in weeks.
After topping $102 per barrel in the morning, U.S. crude oil dropped toward $93. This decline followed reports that some shipping vessels successfully transited the Strait of Hormuz over the weekend, reducing concerns of a total energy blockade.
CBOE VIX 23.51 -13.53%
The VIX opened at 25.88 and trended lower throughout the day, closing at 23.51. However, the index remains elevated compared to its recent average, suggesting "cautious optimism".
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