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Equities stayed flat as the U.S.-Iran conflict intensified, suggesting investors had decided geopolitical risk was something they could price out.
That composure cracked on Thursday when oil crossed $100 a barrel and stocks tumbled.
How markets held through the escalation The case for staying put through a U.S.-Iran flare-up is familiar to anyone who has watched equities absorb bad headlines and grind higher.
Stocks went nowhere as the conflict deepened, a signal that investors were either genuinely unworried or had decided the situation would stay contained.
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