So the stock market just had quite a run in April. S&P 500 and Nasdaq both hit new all-time highs this week, which is pretty wild considering where we were a few months back with all the geopolitical tensions. Both indices basically wiped out all their losses from the US-Iran conflict situation.

I came across some interesting commentary from Tom Lee on this. He was on CNBC's Closing Bell breaking down why he thinks the market is actually in better shape now compared to when it hit its previous peak earlier this year. The data backs it up too - S&P closed at 7,022.95 on April 15, which is higher than the January 28 record, and Nasdaq hit 24,016 as a new high.

Here's the context: the market had dropped about 9% from its January peak during that whole conflict situation, but now we're seeing it recover strongly. March was rough, but the indices are back in positive territory for the year.

Tom Lee's first point was about oil prices. Basically, he's saying the US market is proving it can handle elevated oil prices while other economies are getting hit harder. Oil went above 100 USD per barrel after the Hormuz Strait closure, though it's since pulled back as people started hoping for de-escalation. Lee sees this resilience as a sign of market strength.

His second argument focused on corporate earnings. The conflict has actually boosted profits, and that's giving the market confidence that this situation might be stimulating the US economy rather than pushing it into recession. He mentioned defense spending is running about 30 billion USD monthly, potentially going to 60 billion, which is a significant economic boost. Meanwhile, the 20 USD oil price increase hits household budgets by roughly 12 billion USD monthly. So when you look at the net effect, the war is actually supporting earnings.

The third point was about inflation concerns. Tom Lee noted that historically, oil price spikes don't hit core inflation as hard as people expect. So the inflation shock coming down the pipeline might end up being smaller than anticipated.

He's still holding his S&P 500 target at 7,300 for the year, which suggests about 4% upside from current levels. Interesting perspective considering all the uncertainty we've been dealing with.