Shrugging off reams of terrible economic data, plunging oil prices and dire corporate results, world stocks have recouped around half of this year's coronavirus-linked losses as investors flip over their calendars to bet on a strong recovery in 2021.
Trillions of dollars in stimulus from governments and central banks, and moves to start re-opening businesses, are contributing to the bounce-back.
The most hopeful sign is the decline in volatility.
Wall Street's fear gauge, the Cboe Volatility Index as well as the Euro STOXX 50 volatility index have steadily dropped over the past month to the low 30s, their lowest level