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"This is, in part, a reflation story. The market sees conditions as ripe for a strong and sustainable period of economic recovery," said Lauren Goodwin, economist and multi-asset portfolio strategist at New York Life Investments. "It's also become a story of defeating COVID-19. Beyond the traditional cyclical upswing, we saw a strong rotation into companies and sectors most deeply impacted by the virus.
Still, the rally isn't perfectly impartial. An equal-weighted version of the S&P 500 remains 2.6% lower this year having tumbled far more on initial coronavirus fears than its more popular peer. A spate of positive signals has fueled the index's run-up in recent weeks. Investors initially shrugged off nationwide protests against police brutality to bet on economic reopening. Indexes tracking the US services and manufacturing industries pointed to stabilization after months of sharp decline.
It’s the dimwit Hertz rally. Mercedes prices for lemon Hyundai quality.
You mean investors bet on swift money printing
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