The Mystery of High Stock Prices

Why is the market doing so well when the economy is doing so poorly?

By Steven Rattner

Mr. Rattner served as counselor to the Treasury secretary in the Obama administration.

• July 3, 2020, The New York Times

Brendan Mcdermid/Reuters

From the Department of Curiosities: On Tuesday, as the number of new coronavirus cases continued to spike to record levels, the stock market closed out its strongest quarter in more than two decades.

That was just one stop for the equity markets on a spring roller coaster ride, three months that saw the fastest 30 percent decline in stock prices in history, followed by the fastest 50-day increase on record.

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