Maybe the stock market isn’t crazy

Article by James Pethokoukis.

Mr. Market looks bizarrely detached from reality.

Stocks have rallied sharply since late March, pushing the tech-heavy Nasdaq to an all-time high and the S&P 500 back to even for the year. And all this happening despite, well, everything: the economy plunging into the deepest recession in American history, the highest unemployment rate since the Great Depression, a deadly virus continuing to spread and take thousands of lives every week, and the most severe civil unrest since the 1960s. Wall Street’s apparent disregard for the chaos and human suffering would seem a more powerful example of “late capitalism” than, say, Bloody Mary-flavored potato chips. […]

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