The main driver pushing the market higher in the cooperation from the US Federal Reserve. They have cut twice this year and have given the tone that they will continue to monitor the economic data and will continue to cut if need be. This is much different than the rhetoric last year when they had a steady rate increase plan for the foreseeable future.
The market continued its recovery from the Christmas Eve lows as Jerome Powell has reinforced the fact that Federal Reserve will become more patient on raising rates. This along with the progression of US and China trade talks, the market has rallied to recoup some of the losses from the end of last year. In hindsight, that drop appears to be an emotional overreaction for issues that we’re still in the process of reaching a conclusion.