A fresh American bull market is under way. Can it last?

How sweet it is to forget. Just months ago financial markets were being pummelled by war, inflation and the prospect of rapidly rising interest rates. January to June this year were the worst first half for American shares in more than five decades. The s&p 500, America’s leading index of stocks, slumped by 21%; the tech-heavy nasdaq shed 32%. Yet since the middle of June the market has staged a remarkable comeback. The nasdaq has climbed by more than 20% from its low, officially entering a bull market; the s&p 500, up by 17%, is verging on bull territory of its own. Apple is now just 7% shy of being valued at $3trn, as it was, briefly, on January 3rd. Can the turnaround continue?