Taking Stock 

An irrational rally if ever there was one

Mark Robinson

An irrational rally if ever there was one

Efficient market hypothesis assumes that asset prices reflect all available information. The value of the S&P 500 is up by 37 per cent since it started to retrace in the last week of March, leaving it just 10 per cent adrift of its all-time high on 20 February. At the time of writing, the recovery appeared to be gathering impetus, with the index breaching its 200-day moving average, although it is increasingly difficult to square the recovery with external price levers.  

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