Unthinkable just two months ago as the world economy shut down in response to the coronavirus pandemic, the U.S. stock benchmark S&P 500 index broke through the psychologically-important 3,000 level on Tuesday, capping a 37per cent stock rally since its March low.
"People have been locked up and when they see sparkles of hope like vaccines, that drives optimism probably ahead of where it should be and clearly ahead of the economy," said Richard Steinberg, chief market strategist at the Colony Group.
“It is pretty extraordinary," said Michael Purves, chief executive of Tallbacken Capital Advisors."It is a 'V' market with probably not a 'V' economic condition," he said, referring to the shape of the possible recovery.
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