Why is the stock market so resilient in 2023? Meet the 'pain trade.'

Confounded by a 2023 stock-market rally in defiance of rising geopolitical tensions, a mini banking crisis and widespread expectations of near-imminent recession?The stock market’s resilience so far in 2023 is an example of a well-worn but sometimes useful market concept known as the “pain trade.”...

Measures of investor sentiment help to tell the story. A month ago, in the wake of the failures of Silicon Valley Bank and other regional lenders, the widely followed CNN Fear and Greed Index tumbled to 28, deep in the “fear” category and just shy of “extreme fear,” Essaye noted.

The mid-March chaos saw markets go “straight from banking crisis to recovery,” said Olivier d’Assier, head of applied research, Asia-Pacific, at Qontigo, a Deutsche Börse-owned global index provider, in a Tuesday note.

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