How are stock markets reaching record highs?

Nick MarshAsia business reporter, Singapore The Strait of Hormuz is still blocked, oil is over $100 per barrel, and economists are warning of an impending global recession. Yet stock markets are soaring. In the US, the S&P 500 closed at a record high, with Asian markets also reaching all-time highs during the day. How is this possible? Some companies do well out of war. Energy and arms stocks have risen, of course, but in general big firms aren't really reporting significant hits to their pr