Indices are going up because people are putting money into the market(s), and governments (legislatures and central banks) are printing money in order to preven

Indices are going up because people are putting money into the market(s), and governments (legislatures and central banks) are printing money in order to prevent market collapse, because that'd mean liquidation events, meaning every mark-to-market asset will suddenly worth nothing, every company will become toxic overnight, banks will (have to) stop funding companies, companies will cut costs (fire everybody, stop every kind of project/investment/capex), and everyone will try to sell things to make cash to pay back debt, which can start a deflation spiral. The asset bubble is an unintended consequence, it's the "lesser evil". But it's again the rich get richer.