Was just about to say this. My equity funds are back to ≈85% before pandemic on average. One of them is better than before it. And that is coming from a very highly valued market due for a correction for years.
Stocks are being buoyed by interventions from the Fed. There's a decoupling of the stock market and the economy. Those of us in Tech don't feel the pain much, but in the wider economy layoffs and pain are beginning to spread. Companies that took PPP money had to agree not to lay off people until the fall. Those stipulations end soon and there are large employers (airlines, banks, etc.) that have already announced that they'll have large layoffs in the next month or two. Add in small businesses that are going under (restaurants being hit hard, for example).
Stock market =/= economy. I think a big part of the gains is that everyone is flush with cash with nowhere to invest since the interest rates are basically non-existant/negative.
