The Globe and Mail reports in its Saturday edition that U.S. equities have stormed back from a spring upheaval, gaining 20 per cent in two months, despite the self-inflicted harms of the country's trade wars and the amateurish ups and downs of the Trump administration. The Globe's Tim Shufelt writes that even Canada, which is immersed in what the Prime Minister calls "the biggest crisis of our lifetimes," has a stock market trading at a record high. Big divergences like this happen from time to time, such as the 2020 rally following the COVID-19 lockdown. Traders seem to be fearless. Retail investors especially have hurled themselves into the stock market this year, aggressively buying dips even as economic readings have steadily worsened. In April, U.S. President Donald Trump picked fights with nearly every country on Earth and announced absurdly high tariffs certain to torpedo the global economy. But retail traders in April set a monthly record by plowing a net of $40-billion (U.S.) into U.S. stocks, according to JPMorgan data. "It doesn't make sense to me," said Rebecca Teltscher at Newhaven Asset Management in Toronto. "We've gotten into an era where economic cycles no longer matter to the traditional investor."