Lately, financial markets appear confused. Oil prices recently hit their highest level since the start of the war in Iran, stoking broad worries about inflation and a global energy crisis. Yet it was the best month for the stock market of President Trump’s second term. The S&P 500 ended April nearly 10 percent higher than where it ended March. The last time the index rose more than 10 percent in a month was November 2020 , after Joseph R. Biden Jr. was elected president and early trials for

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