'Rally of hope': Why the S&P soared back past 3,000

Unthinkable just two months ago as the world economy shut down in response to the coronavirus pandemic, the U.S. stock benchmark S&P 500 index broke through the psychologically-important 3,000 level on Tuesday, capping a 37% stock rally since its March low. It has been fueled by extraordinary interventions by the Federal Reserve and other central banks, a $2 trillion stimulus passed by Congress, and hopes that the rapid development of a vaccine will mean that the worst of the damage from the global economic freeze has passed. "People have been locked up and when they see sparkles of hope like vaccines, that drives optimism probably ahead of where it should be and clearly ahead of the economy," said Richard Steinberg, chief market strategist at the Colony Group.

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