It sure feels as though the world is on fire. But even as a peace agreement in the Middle East remains elusive and oil prices stay high, raising the odds that inflation will worsen, unemployment will rise and growth will slow, stock markets are happy — so happy.
The S&P 500 hit another record high last week. It’s now higher than before the fighting began on Feb. 28. What’s going on? Do traders really not care about the war? Or do they know something we don’t? Today my colleague Joe Rennison, who covers markets, explains the seeming paradox of this exuberance.
Because of the Iran war, the world is teetering on the brink of an energy crisis that threatens to unleash global inflation, crimp consumer spending and weigh on corporate profits.
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