Stocks Shake Off Bad News to Rally for Seventh Straight Month
Bad news doesn’t seem to bother Wall Street these days.
Deaths and hospitalizations related to the coronavirus are soaring, and many businesses have shelved plans to return to the office. Staffing shortages and supply-chain bottlenecks linger, while consumer confidence has fallen.
And yet, the stock market continued its quietly remarkable year in August, posting its seventh straight monthly rise. The S&P 500 index is up over 20 percent for 2021 and has more than doubled in value since it hit bottom in March 2020. The market has closed at a record high 53 times — the most by this point of the year since 1964, according to LPL Financial.
It’s an ascent that looks out of step with the reality of the virus in many parts of the country, but most investors are confident of two things: The Federal Reserve will keep interest rates at rock-bottom levels, possibly for years to come, and the…