[zw123456]

Yes, sometimes the vagaries of the stock market can be confounding. But the in addition to expectations already mentioned, investors often compare the potential return from stocks vs. other investments primarily interest bearing such as bonds. If interest rates are very low, then stocks will be more attractive. Right now, the Federal Reserve is maintaining a very low interest rate to help combat a possible recession due to the covid19 crisis. I think the low interest rates is also one major factor (although there are a lot of others).

[nicholas73]

Yes we should remember that stock markets pale in size compared to bond and currency markets. Money leaving another market can buoy stock markets in a way that is almost mechanical, separate from attempting to value individual stocks.