Consumer Stocks Lead S&P 500, as Oil Prices Plunge 11%

The consumer discretionary sector led the S&P 500 with a nearly 2% gain.

U.S. crude prices fell by more than 11% following a Middle East ceasefire. The reopening of the Strait of Hormuz to commercial shipping triggered the price drop.

Lower energy costs are expected to reduce inflation and increase household discretionary income. Travel and leisure companies recorded the sector's largest gains.

Royal Caribbean shares jumped 7.3%. Carnival Corporation stock rose 7%.