Opinion | The stock market seems to be rallying. Here’s why you shouldn’t be fooled

The stock market is experiencing a bear market rally. And, of course, you know well enough to stay clear of it.

All bear markets have their bear market rallies, when investors scoop up stocks they believe to be undervalued.It’s less impressive, though, when you consider what’s causing it.Another is a belief that central bankers will relax their interest-rate hiking cycle. Or did investors not hear Jerome Powell, chair of the Fed, when he said last week that “We think it’s necessary to have a growth slowdown”?

Investors get stuck with stocks that either give up their recent gains or make no further ones, remaining dormant for long stretches after their brief pop.That scenario is unlikely here.And the U.S. is now in technical recession, having reported last week its second consecutive quarter of negative GDP growth.Stock values are sharply down this year, of course. The so-called “tech wreck” humbling of former tech darlings began last year.

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