Oil Blockades, Failed Peace Talks, Hugging Jesus Results in 11-Day Rally Sending S&P 500 and NASDAQ to All-Time Highs

Talk about having a good run!

The NASDAQ composite index has posted gains 11 straight sessions, rising from 20,794.64 on March 30 to Wednesday's close of 24,016.02, a gain of 15.49%. The S&P, not quite as fortunate, but close, posted gains on 10 of the last 11 sessions. From 6,343.72 on March 30 to the April 15 close at 7,022.95 is +10.70%. Both indices finished Wednesday at all-time highs on a closing basis.

In more modest times, those half-month returns might have been considered good for a full year, but, in today's modern algorithm-driven, high frequency trading environment, volatility and outsized gains go hand-in-hand with tweeting presidents threatening to blow up entire civilizations, peace talks that break down after one day, naval blockades 300 nautical miles from the chokepoint, gas prices up 25%, and 3.3% annual inflation being viewed positively because it beat expectations.

It's enough to give old-timers heart attacks right on the trading floor.

If the recent travails of the stock market in terms of geo-politics doesn't make any sense to you, that's probably a good indication that a) you're doing it wrong; b) you failed Cynicism 101; or, c) there are some shifty operators making all the big money while you pay taxes and shuffle along.

Moving on from theatre of the absurd, it is earnings season and a number of important companies posted first quarter results this morning, including:

• Charles Schwab (SCHW) - down 2% pre-market on on weaker-than-expected net interest income.
• Bank of New York Mellon (BK) - flat after posting solid EPS and revenue beats.
• Citizens Financial (CFG) - solid 1Q earnings growth, up 1.5% pre-open.
• Travelers (TRV) - 10% earnings beat, but lower premium writing fro 3 straight quarters, down 1%, outlook shaky.
• Taiwan Semiconductor (TSM) - Beats 1Q targets, guides higher, stock off 2%.
• Pepsico (PEP) - Beats estimates with lower snack prices, higher demand (no, really!), stock is flat.
• Abbott Labs (ABT) - Beats EPS by a penny, outlook mixed, down 5%.

Looking ahead to Thursday's open, stock futures are up modestly. Dow, +125; NASDAQ, +47, S&P 500, +10. Gold and silver are holding steady around $4820 and $79, respectively. WTI crude oil, which is down sharply from highs made earlier this month around $112-115, is advancing slightly, up 0.72 to $92.08.

Good thing America has a president that is routinely hugged by Jesus. Apparently, you CAN make this stuff up.

At the Close, Wednesday, April 15, 2026:
Dow: 48,463.72, -72.27 (-0.15%)
NASDAQ: 24,016.02, +376.93 (+1.59%)
S&P 500: 7,022.95, +55.57 (+0.80%)
NYSE Composite: 22,955.57, -60.81 (-0.26%)