Oliver Mangan: Stock markets buoyed by government money and vaccine hopes

The recovery in stock markets from their mid-March lows continues unabated despite the plethora of weak economic data and the cautious approach of governments to lifting restrictions in re-opening their economies. In particular, social distancing requirements are likely to remain in place for quite some time, which will inhibit the pace of economic recovery.

The S&P index in recent days has amazingly returned to levels of late last year, following its big gains over the course of 2019.