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Record highs for the S&P 500 can co-exist with a weak and unpredictable economy. The recovery in share prices may reflect little more than the Fed’s squashing of interest rates, writes richardbeales1.

The S&P 500 Index hit an all-time high during the trading day on Aug. 19, when Apple also became the first publicly listed U.S. company to exceed $2 trillion in market capitalization. By the close, the S&P 500 was down slightly on the day and Apple shares, although up slightly, were below their intraday high.

Apple shares have surged since quarterly results in July that saw the iPhone maker eclipse Saudi Aramco as the world's most valuable listed company.

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