When you are in a romantic relationship that is going well, you might feel oddly paranoid about committing. But once you and your partner survive a catastrophe like a job loss or an illness, you come out of it reaffirmed and confident that your relationship will make it. (1/2)

I think the market now believes the economy will survive this pandemic catastrophe. And if/when the economy survives, it will be stronger than before. That's my explanation for why the stock market has recently rallied even though this catastrophe is ongoing.