Wall Street is continuing to ride high.
The S&P 500 and the Nasdaq notched record highs this week, with investors appearing to brush off any uncertainty stemming from tariff talk and the conflict in the Middle East.
The market’s performance is a 180 from April, after President Trump’s announcement of new tariffs sent stocks tumbling — until he postponed them.
Since early April, the three major indexes have each soared, with the Nasdaq jumping 37% since then.
“Everyone’s trying to kind of trying to figure out exactly what’s going on and how they can predict the future because people don’t want to miss these further rallies,” said investment strategist Joseph Landesman.
Landesman says the market’s upshoot is in part thanks to investors staying patient through the turbulence, and continuing to put money into the market.
“So anytime there was a massive drop, people have been kind of conditioned to want to buy the dip. That was a very big COVID play,” Landesman said.
Market watchers say Wall Street’s performance has been driven in part by retail investors, but institutional investors appear to be coming back, too.
A Bank of America July survey of global fund managers showed a spike in risk appetite.
And even with increasing tariffs set to go into effect on August 1st, investors may not flinch because of lessons from the past, says financial advisor Stephan Shipe.
“What we’re seeing is that people are taking that into account and say, sure, we have an August 1st deadline. But we’ve had a lot of deadlines over the past three or four months, and they come and go and get renegotiated all the way up to the day of. So why would this time be any different?” Shipe said.
Read More: How long will Wall Street’s strong market last?
