The threat of nuclear war seems higher than it has in ages, but the stock market wants what wants—and it wants to go higher. The S&P 500 rose more than 0.5% on Thursday and is less than a percentage point away from adding to the more than 50 record highs its hit this year.

Escalating tensions between Ukraine and Russia sent investors rushing into safe havens such as gold and Treasurys on Tuesday.

The tech-heavy Nasdaq closed lower on Wednesday, taking a break from the prior session's rally as investors worried about escalation of Russia-Ukraine tensions and weak results from Target, while awaiting earnings from megacap Nvidia.