Behind the surge in stocks, markets will remain wild

FINANCIAL markets are unpredictable beasts. But even taking that into account, how can key markets, like the benchmark US S&P 500, be positive for the year?

When we consider what the year has seen so far - renewed US-China tensions, civil strife across the United Sates and, of course, Covid-19 - the fact that major markets are up for the year seems stunning.

And, of course, it is. But markets often act in stunning ways. In hindsight, we can explain why we have seen markets move like they have.