Finance
A Booming Stock Market Could Come Back to Bite the Recovery
Policymakers watching the S&P 500 might ease up on the stimulus that helped create the rally.
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If you were to look only at the stock market and nothing else, you’d probably have no clue that 21 million Americans are still out of work. You’d probably think everything in the world is fine. Great, even.
After all, the S&P 500 just posted its fastest 50-day advance in nine decades, and the Nasdaq 100 hit a record high, putting the entire blow from the pandemic behind it. Maybe it’s all justified, and the markets have been right all along. But skepticism still exists, particularly among people who say the equity advance could lull the ruling class to sleep.