There’s a war raging! Why is the US sharemarket at all-time highs?

April 16, 2026 — 3:30pm

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Despite companies in Australia and around the world grappling with the financial damage inflicted on their businesses by higher oil prices, and consumers struggling under the burden of petrol pump pressure, the US sharemarket is in clover.

The disconnect between Wall Street and Main Street seems logic-defying.

The dominant US sharemarket index, the S&P500, is on the brink of capping a three-week winning streak despite the still-elevated oil price that six weeks ago sent it into a downward spiral. Last night, it moved up 0.8 per cent and since the start of April has steamed ahead 10.7 per cent.

It’s not that the US market didn’t get the memo that the war remains on foot, it’s just that it has decided to ignore Trump’s bluster,........

© The Sydney Morning Herald