New York —
Brent crude has climbed back above $100 per barrel and the Strait of Hormuz, a critical artery for the global economy, remains closed. But the stock market is brushing off the turmoil.
The S&P 500 and Nasdaq Composite hit record highs on Wednesday, resuming a rally despite the rise in oil prices. It’s a stark shift from last month, when higher oil prices sent stocks lower.
The S&P and Nasdaq have rallied more than 12% and 18%, respectively, since their recent nadirs on March 30. The S&P is now up nearly 4% since