US stocks rose last week, and the broad S&P 500 finished on the cusp of new record highs as the bulls and bears staked out their positions, and as legislators squabbled about the second round of Covid-19 pandemic relief. Read more at The Business Times.
The second explanation is that we are living in a"Robin Hood" market. According to this theory, an army of day traders were recruited by the free stock-trading app during the Covid-19 lockdown in the spring, and the newcomers have now upended global stock markets.
All three explanations may have truth to them, but none of them are sufficient to make the rally sustainable during an ongoing global recession, said one money manager. Currently, sellers of cloud-computing services such as Amazon and Microsoft are receiving payments from corporations for both office software and work-from-home alternatives. As corporations are forced to choose between retaining their office spaces or making a permanent shift to remote work forces, one of these revenue streams will disappear, Mr Di Mattia predicted.
Another potentially destabilising shift would come with any major changes to healthcare policy, said Ms Krosby.
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