Wednesday, December 30, 2020

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It’s all about earnings expectations.

2020 has been an interesting year in the stock market.

And as we wrap up the year, there is one simple question that lingers over the story of 2020: “Why have stocks gone up so much?”

Through Tuesday’s close, the S&P 500 (^GSPC) is up 15% this year and more than 60% from the March 23 lows. The Nasdaq (^IXIC) has done quite a bit better, rising 42% since January 1 and more than 85% since March 23.

There are, of course, many ways to answer this question.

Some of which are complicated and all of which are

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