One can get Apple’s boom but we’re seeing notions of risk being replaced by an overdose of optimism
Apple’s rise to a valuation of $2tn, only five months after it was worth half that sum, is astonishing but one can, at a push, suggest half an explanation. Against original expectations, the pandemic has been good for flogging expensive iPhones, dinky headphones and smartwatches. Homeworking has helped.
Yet Apple is only one company and the bigger conundrum is baffling. What explains the rip-roaring recovery in wider stock markets since March in the face of bleak economic news? How has the broadly based S&P 500 index in the US managed to hit a record high, as it did on Tuesday?
Continue reading...from The Guardian https://ift.tt/3he8rEe
