Why the Stock Market Refuses to Give Up Its Gains

U.S. equity markets have held recent gains despite geopolitical jitters around U.S.-Iran peace talks and a temporary closure of the Strait of Hormuz. The S&P 500 has rallied roughly 11.5% since March 30, hitting record highs across multiple sessions, while the Nasdaq Composite jumped 6.8% last week. Robust first-quarter earnings—analysts expect overall S&P profits to rise about 14.4% to nearly $608 billion—alongside restrained oil prices (below $100) and only modest Treasury-yield moves have supported investor optimism. Market commentators say the rally is driven by mega-cap tech strength and improving corporate fundamentals, with potential spillovers into selective value sectors if geopolitical risks subside. Overall, the piece frames the market’s resilience as bullish but contingent on a de-escalation of conflict and continued earnings momentum.