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The Guardian - US
The Guardian - US
Business
Lauren Aratani and Andrew Witherspoon

War, inflation and Trump’s tariffs have shaken the US. Why does the stock market keep going up?

the US Donald Trump United States Paul Kedrosky Inflation Stock Market Eswar Prasad Alan Greenspan Iran Kevin Warsh
An illustration comprising several images including Trump's face, a stock market graph, microchips and oil rigs.
US stock markets have not just recovered from the losses they suffered, but are thriving. Composite: Rita Liu/The Guardian/Getty Images

It was a dark Friday for Wall Street on 27 March. Oil prices were climbing and the war with Iran raged on. Markets responded accordingly, with the Dow and Nasdaq entering correction territory, falling more than 10% below their peak, after a month of selloffs.

Fast forward seven weeks later to 13 May, and the situation in Iran only looked marginally better. Oil prices were high, and the strait of Hormuz was still closed. Peace talks with Iran seemed tenuous, even with the pressures of high gas prices. Donald Trump on Wednesday said he was “not even a little bit” motivated by Americans’ financial situation to end the war.

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