Whistling Past Hormuz

American stocks are still climbing and investors are still acting as if danger is something for later. Europe, by contrast, looks hesitant and winded. Asia looks a little tired too. But in the United States, the buy-the-dip reflex is alive, well, and apparently stronger than oil at roughly $90 to $100 a barrel. Investors hope that the war involving Iran may cool, that diplomacy might reopen the Strait of Hormuz, and that the worst-case scenario may once again remain a scenario. Donald Trump says a deal could be close. A 10-day cease-fire between Lebanon and Israel is in place and weekend talks are expected.

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