Why the Ukraine War Hasn’t Crashed the Stock Market

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To paraphrase JP Morgan banker Jamie Dimon’s advice to investors and analysts this week, everything looks pretty good except the possibility that something really bad could happen.

The stock market, so far, has largely recapitulated its pattern from past wars: sell the rumor, buy the news. The S&P 500 hit a recent low on Feb. 23, the day before Russia’s invasion. It’s up 167 points since then.