It’s not just the number of coronavirus infections in the US that are rising inexorably, the country’s leading stock indices are also continuing to shake off the pandemic. In recent weeks, the optimism that took hold over the efficacy of COVID vaccines has turned into euphoria. Even the likely long-term economic effects of the health crisis have been largely priced in by investors. The rising expectation that things will soon return to normal is driving the market, analysts say. “The major vaccine breakthroughs in November and December have reduced uncertainty,” wrote Janet Henry, chief economist at HSBC bank, in her …
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