The Globe and Mail reports in its Saturday edition that the S&P 500 and Nasdaq closed at record highs for the third consecutive day on Friday. A Reuters dispatch to The Globe reports that investors reacted positively to Iran's decision to open the Strait of Hormuz. With traders increasingly confident that an end to the war is near, United States crude oil prices tumbled 11 per cent, easing inflation concerns. "The concern about oil putting the world into a slowdown diminishes as it's onward and upward for a possible final deal," said Crossmark's Bob Doll, who noted that while there is still no signed U.S.-Iran deal, "it looks like it's heading in a direction that's enough for the market to go up." Willis Johnson & Associates stockpicker Nick Johnson says, "Energy prices coming down has a bigger impact on small caps because they have tighter margins." He adds that "it's starting to become clear that the U.S. and Iran want to see this behind them." Among the S&P 500's 11 major industry sectors, energy was the biggest loser, with Exxon Mobil and Chevron among the benchmark's top drags. The biggest gainer was consumer discretionary, with cruise operators Carnival and Norwegian Cruise Line gaining sharply.