The Fed has been talking about how covid19 pandemic has triggered  a sharpest economic recession since the Great Depression, at the same time the stock market has been hitting all time high once in a while.  When the stock market forcefully rebounded back in April, May and June from March 23, 2020 low, analysts commented how the market was disconnected from the economic reality. We know that  a general contractor in San Luis Obispo will likely struggle with getting new clients while a bankruptcy lawyer in Phoenix  Arizona is receiving more calls from local businesses.

You can think of many explanations for this FA or TA, but the real reason is mass madness. The stock market is the place where people experience their excitement that are normally found in sports, movie theater and parties.