It was more of the same in the stock market last week in terms of returns, but the catalysts supporting the rally shifted from easing trade tensions and dovish Federal Reserve policy to a deescalating of tensions between the U.S. and Iran. Specifically, a tepid Iranian response to the U.S. strike that killed Iranian General Qassem Soleimani helped quash the prior week's rally in energy stocks (crude fell 6.2% on the week), emboldening investors to put risk on again (the Nasdaq's 2.3% weekly return more than doubled the S&P 500's 1.1% return).
The early-year strength