The S&P 500 Is Back Above Prewar Levels. Does the Rally Have Legs?

The U.S.'s blockade of the Strait of Hormuz took effect yesterday, following a weekend of failed talks between the U.S. and Iran. In fact, the gain was enough to erase the last of the benchmark index's losses since the war began. The index now sits 0.1% above where it ended February—a marginal gain, to be sure, but one that would have seemed almost unthinkable just two weeks ago.