The value of the stock market is no longer correlated to the economic system.

It is being bought by the FED to keep it from crashing https://markets.businessinsider.com/news/stocks/why-stock-market-soaring-amid-recession-signals-fed-coronavirus-stimulus-2020-4-1029104715

When 85% + of stocks that have been created are owned by 10% of the population it is basically game over, the 90% of people at the bottom are no longer buying because they do not have enough money to buy. Most of the 10% at the top know that and they are not selling because they know if they start selling there is no one there to buy and prices will just plummet. And the people who are selling the FED will just print money to buy those stocks to keep the prices from falling.

We are just going to see stagnation for the next 20+ years, similar to what happened with the Japanese stock market.