Beware of the bull
ON WHAT BASIS IS THE soaring American stock market to be explained? The gains since the Great Recession have been astonishing. By early February last year, after almost eleven years of virtually uninterrupted advances, the S&P 500 index — representative of share prices as a whole — was nearly five times higher than it had been at the previous major trough in March 2009.
Investors were then suddenly devastated by the realisation that Covid-19 would change everything. The S&P 500 index plunged over 30 per cent in
