Summary: To investors, it makes sense. Stocks have surged 40% since late March because the worst damage from the coronavirus recession is in the past and the cavalry has arrived. The Federal Reserve is now propping up risky assets, Congress is flooding the economy with money and there are wee signs of an economic recovery. If you’re an ordinary person who thinks the soaring stock market is crazy, you’re right. There’s no right or wrong value for any stock, or for the market as a whole.
