Traders work on the floor of the New York Stock Exchange.
For most of the eight months since the Covid crash culminated, the stock market’s recovery has fed off rampant doubt, disbelief and cognitive dissonance toward resurgent asset prices set against a severely damaged economy.
No more. Wall Street’s rally has now entered the belief phase, with stocks riding a wave of conviction at the end of a trying year that better times are surely near.
As with any collective mood shift, there are obvious and clear reasons for this one. Aside from the S&P 500 having vaulted by more than 60% since the March bottom to another record high last week, progress along most of the crucial fronts has been…