(Bloomberg) – No matter how badly its ratings, the unattached exuberance of its retail enthusiasts, or even actual age are judged, the bull market in stocks continues to deliver goods to its believers. Energy and banking stocks are picking up speed. Meme stocks out of style? Try out software manufacturers who don’t need to make a profit just yet. Discovery Inc. A shares let you down? That’s OK. Inexplicably, the B-Class recovered the most in 16 years. With every bearish price move in 2021, there always seems to be an equal and opposite reaction that keeps the market up in the air. This week, it was chip stocks like Applied Materials Inc. and electric vehicle manufacturers like Tesla Inc. that jumped when overstretched reflation trading paused. In a fourth of five weeks, the S&P 500 index hit the 4,000 milestone for the first time. Not that the individual stock explosions were easy to digest – see ViacomCBS Inc. half its value at Archegos Capital a week ago lost debacle. And the attempt to measure peaks remains brutal. Nevertheless, investors are unbending. They poured $ 86 billion in fresh money into exchange-traded equity funds in March, breaking records for a second straight month. Data from Bloomberg Intelligence shows, “There is a fear of missing out to some extent,” said Wayne Wicker, chief investment officer at Vantagepoint Investment Advisers. “The back and forth between growth and value is actually positive as it gives investors wider options. It draws people more to focus on the stock markets. Read more: Market timers in the S&P 500 are paying a heavy price for Perfect PrescienceTechnology stocks, which fell short of hopes of a return to economic normality in 2021, jumped up the ranking during the shortened vacation week when France’s renewed lockdown the pandemic helped revive the home trade. The tech-heavy Nasdaq 100 rose nearly 3%, making its best profit in two months. It outperformed the Dow Jones Industrial Average and Russell 2000, which rose 0.2% and 1.5% respectively over the period. Taiwan Semiconductor Also Contributed To Nasdaq Resilience When Manufacturing Co. Announces Jointly With Intel Corp. robust spending plans; and President Joe Biden’s infrastructure proposal on Wednesday, which included an important step in accelerating the adoption of battery-powered cars. Although it is a nagging feeling among doubters that any impulse could lead to a painful retracement. Read more: Block Trade Mess revives heated debate over “Leverage Gone Wrong”. As violently as they fell during the pandemic crash, stocks have rebounded with the S&P 500 jumping 80% from its low point a year ago. That return already exceeds the total profit made in three of the 13 previous full bull runs. In some circles, the speed of the rebound is a sign that the 12 month advance is just an extension of the bull market that began in 2009. Others see the pandemic recession as the beginning of a new cycle. Despite sky-high valuations, soaring yields, and outdoor day traders, a reasonable rebuttal is that bull markets, basically, never die that quickly. In 13 previous bull cycles in the last century or so, none ended at this point in the cycle – if you look at March 2020 as the start of the cycle. Even the shortest made it to two years. The average bull market lasted half a decade, and the S&P 500 rose 10% in the second year. It’s the psychology. Trust grows over months and years. The emotional path from denial to acceptance and euphoria is long. The economy is also growing slowly: “Ultimately, the market follows the economy, and the real economy is like a ship,” said Rich Weiss, chief investment officer for multi-asset strategies at American Century Investments. “It takes miles for a sea-going ship to actually turn around, and so does the economy.” Granted, with the Covid-19 pandemic driving monetary policy and the economy into uncharted territory, nothing in the past can set a precedent for now. Regardless of the length of a cycle, investors better hold onto stocks, according to a Bank of America study conducted by strategists under Savita Subramanian. Her team compared the S&P 500’s performance over the 12 months before and after a market peak and found that more than two-thirds of the time, the gains that led to the terminal high were enough to offset later losses. If we’ve never had a year-long bull, it doesn’t mean we can’t have one, ”said Chris Gaffney, President of World Markets at TIAA Bank. “But I’m more confident in fundamentals and right now the fundamentals show stocks will continue to rise.” Analysts are increasing their earnings estimates for the first quarter at the fastest rate since at least 2004. For the full year S&P 500 earnings are projected to grow 25% this year to a record $ 172.90 per share and through at least 2023 double-digit growth, as analyst estimates from Bloomberg Intelligence show. These estimates could turn out to be conservative, according to Jonathan Golub, strategist at Credit Suisse. In the previous two cycles, analysts who underestimated the earning power of American companies in the early stages of a recovery had to spend the first few years improving their estimates, according to the company: “Now Biden has put the infrastructure plan in place so that there is one tremendous amount of policy stimulus there and in the pipeline, ”said Ed Campbell, portfolio manager and chief executive officer at QMA. “For more articles like this, please visit bloomberg.com. Subscribe now to stay up to date with the most trusted business news source. © 2021 Bloomberg L.P.