In practice, the entire stock market has reverted to a comically long-run view of the economy writ large. That's why despite a historic pandemic, unemployment,

In practice, the entire stock market has reverted to a comically long-run view of the economy writ large. That's why despite a historic pandemic, unemployment, and GDP contraction, most indexes (including the un-weighted ones) are at close to all-time-highs. It's all "priced in".