The U.S. stock market reached a record high on Wednesday, extending a two-week rally built on hopes the war with Iran won’t create a worst-case scenario for the global economy. Whether Wall Street’s optimism for peace is justified, and if current stock valuations are sustainable, remains to be seen.
The S&P 500 rose 0.8% and eclipsed its prior all-time high set in January. After falling nearly 10% below its record in late March, a drop steep enough that Wall Street calls it a "correction," the index at the heart of many 401(k) accounts has since roared more than 10% higher.
