Overstimulated? Stocks soar 75% in historic 12-month run

NEW YORK (AP) — It was one year ago that the terrifying free fall for the stock market suddenly ended, ushering in one of its greatest runs.

After plunging nearly 34%, the S&P 500 hit bottom on March 23, 2020, even though the coronavirus pandemic worsened in the ensuing months.

Massive support from the Federal Reserve and Congress set a limit for how far stock prices would fall.

As time passed, coronavirus vaccines helped stocks shoot even higher. So did legions of first-time investors. It all led to a 75% surge for the S&P 500, as well as worries that prices went too far, too fast.