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Yes, Stocks Have Rallied. Just Don’t Get Complacent.

The stock market staged a sharp rally after the 1929 crash, which was seen at the time as a proper correction of the excess exuberance of the Roaring Twenties.

Photograph by AFP via Getty Images

The stock market has mounted a remarkable recovery from its lows touched just a month ago, lifted in equal measures by the massive fiscal and monetary steps taken to counter an unprecedented economic downturn brought on by efforts to contain the coronavirus outbreak. Even as the pandemic’s death toll climbed past 50,000 in the U.S., the S&P 500 index ended the week only 16% below its peak of two months ago.

The stock market seemed to move up and down with indications about the effectiveness of Gilead Sciences’ (ticker:...