Of course it was a lot more complex than that many major bond markets are ultra-strong too as shown by this fabulous chart via @MktOutperform...
...and the rise of the negative yield:
So everything is wonderful then? Well, spot the difference between the DJIA...
...and the German DAX (over the same period):
Kind of interesting... Of course the wise amongst you will have noted the obvious flaw in the above analysis which mentions nothing about currencies. The DXY (US dollar trade weighted) is at a decade plus high and the euro...isn't.
Now if you re-run the German index in US dollar terms it looks rather different. Kind of interesting.
Now what should this remind you of? The only time the Japanese market goes up recently is when the yen falls.
A final thought. I have observed in recent weeks the slowing earnings momentum in the US market as the dollar's rise starts to bite. Did you see the US manufacturing PMI on Friday?