How investors learnt to love the rally in stocks

The bumper run in the US stock market is beginning to turn its doubters into believers, adding fresh thrust to a rally that has wrongfooted veteran investors, lured in retail traders, and defied the dire economic outlook caused by the global pandemic. The rally has built a legion of sceptics who worry the market is being driven entirely by Federal Reserve stimulus and that bullish investors are too confident a vaccine will emerge to rekindle corporate profits. “There’s an element of fear of missing out — FOMO — as investors start to look at the momentum,” said Emily Roland, co-chief investment strategist for John Hancock Investment Management in Boston.