An unprecedented market divergence: geopolitical conflicts remain unresolved, yet the S&P 500 is edging toward a new all-time high.

The market is showing a perplexing kind of resilience.
Although the war’s outbreak initially sent the index plunging by 8.5% (wiping out $5.3 trillion), since bottoming out on March 31, it has rebounded strongly by nearly 10%, making up $6.2 trillion in market value.