Thursday's rally carried the momentum into Friday: The S&P 500 rose +0.81% after back-to-back declines, driven by the Philly Semiconductor Index surging +3.06% — its best session in three weeks. The Nasdaq Composite added +1.3%, and oil fell 2.3% to $71.85 even as Iran tensions simmered. (Deutsche Bank/FXStreet, Kiplinger)

Rotation was the real story: Money flooded out of defensives —...