Stocks ended up 500 points today on the Dow Jones, and that’s after a nearly 400-point gain yesterday.

And oil prices on Brent crude are off $12 or 15 percent, basically sliding to its current $67 from $80.

The shorthand reason is the obliterated Iranian mullahs have chosen not to block the Strait of Hormuz oil-way and instead lobbed a few missiles at the American military installation in Qatar — actually warning us about it ahead of time — and nothing came of it.

That’s the shorthand.

Then, of course, lower oil prices in general are good for global economic growth.

And good growth is a positive for corporate profits — and profits are the mother’s milk of stocks.

Maybe add to this shorthand — President Trump gave a green light to Communist China’s purchases of Iranian oil, which is really not an oil price input so much as it signals continued Sino-American detente on tariffs.

I’ve seen all these media reports that China buying Iranian oil is somehow good for lower oil prices, but I don’t understand that — at all.

It actually has to do with trade and tariffs — and suggests that Mr. Trump does not want a confrontation with China on trade and tariffs right now, while he is cleaning up the Israeli-Iranian situation where they cease fire, following the obliteration of Iran’s nuclear operations.

Presidents always have a global reach at any point in time, but they prefer one crisis at a time.

Right now, that centers on the destruction of Iran and the historic — indeed providential — end to Iranian power, terrorism, war, and perhaps even the Iranian mullahs’ police state as well.

And all this by the way is good for world markets, not just the American stock market.

And at least American bond yields have come down.

Inflation is going to come down too with cheaper oil. Even if the Fed head, Jay Powell, is too shortsighted to understand that, or too anti-Trump partisan to admit it.

Sixty-dollar oil or even less hints at less than 2 percent inflation.

And Trump appointees Michelle Bowman and Christopher Waller are finally breaking the Fed groupthink and coming out in favor of a July interest rate cut.

That, too, is part of the shorthand for the big stock market rally.

And then there’s Mr. Trump’s insistence that the one big, beautiful bill tax cut bill get done by July 4.

And with all of its pro-growth and pro-business tax cuts, that is also part of the stock market rally shorthand — even though it hasn’t levered up stocks nearly as much as it’s going to when the bill is finally signed and implemented.

So that’s all the stock market-related shorthand.

There’s a much bigger and even more bullish explanation, though.

Mr. Trump is gradually delivering on his promise of peace and prosperity. He’s got his signature bill going through Congress. He’s pulled off the most extraordinary historical change in the Middle East, which will become one big Abraham Accord when he’s finished.

He even pulled off a cease-fire between Pakistan and India — two other nuclear powers.

He has changed the political map at home and abroad.

It’s a long way from getting shot at Butler, Pennsylvania — but Mr. Trump has never forgotten the benevolence of God. And neither have I.

From Mr. Kudlow’s broadcast on Fox Business Network.