At the end of every not-very-hard-earned day people find some reason to believe

Apparently equity investors have convinced themselves that Trump will be serving TACOs tonight:

No one on Wall Street wants to be on the wrong side of a postwar rally.

The stock market climbed for the second straight day as President Trump prepares to address the nation Wednesday evening about the Iran war. Trump has said he intends to wind down U.S. operations within weeks and do so without securing the opening of the Strait of Hormuz. That scenario holds risks, especially that elevated oil prices could remain, feeding inflation and endangering economic growth. 

Yet investors appear sanguine about the endgame. The tech-heavy Nasdaq composite jumped 1.2%, capping its best two-day run since May 2025. The S&P 500 rose 0.7%, while gains in Boeing and Caterpillar shares drove the Dow Jones Industrial Average to its third consecutive rise.

There are other factors behind the market surge—including faith in America’s economic resilience and hedging strategies in the options world.

And some traders simply don’t want to miss out. The monster rally after Trump’s Liberation Day announcements last year, when the president’s pausing of tariffs suddenly reversed violent stock declines, is fresh in some traders’ minds. Many hedge-fund firms were caught flat-footed when the Nasdaq suddenly gained more than 10% in a single, dizzying session. They want to avoid that fate this time.

And who knows, maybe they’re right that Trump has an actual endgame. But an administration that could be trusted to act rationally would never have launched this foolish enterprise in the first place.