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A strong market rally faces its next test as a busy earnings week and ongoing geopolitical risks take center stage.
U.S. stocks surged to fresh all-time highs on Friday after Iran announced the full reopening of the Strait of Hormuz for commercial vessels.
The Dow Jones index rose 700 points, Autoliv Inc (NYSE: ALV) reported strong results causing a jump in its shares by 8.4% to $120.77. Other big gainers included CRML, ABTC, MFI, BYND, RXT, SHMD, MGRT, CWH, CRVS, ALK, YDES.
Iran's Foreign Minister declared the Strait of Hormuz fully open to commercial shipping. Crude oil plunged nearly 14%. Airlines and cruise lines surged.
Evercore ISI Group analyst Duane Pfennigwerth maintains Alaska Air Group (NYSE:ALK) with a Outperform and lowers the price target from $65 to $60.
Spirit Airlines may halt operations due to bankruptcy and high fuel costs after talks of a potential merger with JetBlue fell through.
UBS analyst Atul Maheswari maintains Alaska Air Group (NYSE:ALK) with a Buy and raises the price target from $53 to $54.
Dow Jones up 200 points, Avanos Medical Inc rose on going-private deal. Big gainers include AVNS, TVTX, BE, IONQ, SANA, RGTI, VACH, AOSL.
Dow Jones index up over 1200 points as RPM International reports strong earnings. Shares of RPM jumped 12.2% and other stocks also saw gains.