CNBC Business News Update - Market Close: Stocks Soar, Nasdaq Breaks 34-year-old Record, Oil Tanks

Episode Date: April 17, 2026

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored and reported by CNBC's Jill Schneider. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jill Schneider, CNBC. Stocks soared today, continuing one of the best stretches for the markets in recent years. As Iran says, the Strait of Hormuz can reopen. The Dow finished 868 points higher, nearly 2%, and a gain of more than 3% for the week. The S&P 500 was up 84 points, 1.5%. A jump of 4.5% for the week. And the NASDAQ climbed 365 points percent and a half and a near 7% increase for the week. The NASDAQ extending its winning streak to 13.

sessions. That hasn't happened since 1992. This wraps up the third straight winning week for the major averages. The developments in Iran also causing oil prices to drop, and that sent energy stocks lower as well. Energy was the worst performing sector of the day. Travel stocks rallied all the major airlines finished higher with United leading the way. Shares of the major cruise lines also finished in the green. But will falling oil prices translate to lower airfares? We asked former United Airlines CEO, Oscar Munoz. We do have very strong, and we'll hear again, lot about it this week. Demand on the high end seems to be continuous tourists, all the vacations, summer travel. There doesn't seem to any signs of dissipation. So the airlines are feeling bullish,

at least the good ones are about able to service those folks. The pricing will be dynamic and it'll be competitive is what I would say. Shares of Oracle slipped about 2% today, but they've had a monster run this week up more than 25%. The stock's best week since 1999. But shares are still down more than 40% from their 52-week high that they hit in September. Can the momentum continue? Gill Loria, head of technology research at DA Davidson, spoke with CNBC. Oracle is in very good shape, but there's a lot of execution ahead to keep the story going, both in terms of deploying the data centers and getting the capital in order to do that. The Senate Banging Committee hearing for Fed Chair nominee Kevin Warsh is set for Tuesday.

Jay Powell's term ends in less than a month. Former Kansas City Fed President Tom Honeg, spoke with CNBC, he says he does not think interest rates should be lowered right now. We're starting, it appears to me, to be in an inflationary boom. We have very favorable tax environment right now with the tax breaks were introduced in January of this year. We have a very strong spending in the government. We have a war going on that's going to add to demand. According to the latest filing data from the IRS, the average tax refund was about 11% higher this season compared with the same period. in 2025. The IRS says the average refund for individual filers was just under $3,400, up from

$3,055 a year ago. Jill Schneider, CNBC. CNBC is the network for ambitious people. Ambitious. It's got America written all over it.