United and Royal Caribbean Lead the S&P 500 Today. Travel Stocks Surge as Oil Prices Plunge.

Travel and leisure names led gains on the S&P 500 after oil prices plunged as Iran declared the Strait of Hormuz open to commercial traffic. United Airlines and Royal Caribbean were the top performers within the index, helping the S&P 500 rise roughly 1% on the session. Brent crude fell nearly 9 toward about $90 a barrel and West Texas Intermediate slid over 9% to $82.67, easing jet-fuel pressure that had weighed on airline and cruise profitability. Major carriers and cruise lines — including Delta and American — rallied strongly on the move, while the Dow also advanced. The move reflects a risk-on reaction to lower energy costs and reduced geopolitical premium in oil.