(I assume you are aware that the U.S. fed does not buy equities.) I'm afraid you'll have to look beyond your humdrum ET-like explanation,i.e., "the fed did it,'" if you want to try and understand the disconnect. Here is a more insightful view. And this is certainly not the only thing to be considered. https://www.bnnbloomberg.ca/the-ala...hms-as-heroes-of-the-stock-recovery-1.1432747
I gave you a literal example of what business owners I know did with a bunch of their loans. You live in PhD Lala land. Money talks.