Oil Prices Fall By More Than 10%

NEW YORK (AP) — Oil prices are falling by more than 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 rallied 0.7% as U.S. stocks sprinted toward the finish of a third straight week of big gains. The Dow Jones Industrial Average rose 1%, and the Nasdaq composite added 1%. Stocks have rallied more than 11% since late March on hopes that the United States and Iran can avoid a worst-case scenario for the global economy.