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Running on 'hopium': Explaining the market rally in Wall Street's terms

'Every time the stock market starts to sell off, the Federal Reserve responds with some accommodative policy,' said Mike O'Rourke, chief market strategist at JonesTrading

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April Joyner & Kate Duguid | Reuters New York
Risk assets such as stocks and high-yield corporate bonds have climbed over the past two-and-a-half months despite a dire global economic outlook in the wake of the novel coronavirus pandemic.

The rally has left some market observers scratching their heads but has also given rise to a bundle of jargon - some old, some new - attempting to explain recent trends. Here's a guide to what's driving financial markets now, in Wall Street's own words.

Don't fight the Fed

One key factor in Wall Street's climb, strategists say, is the unprecedented monetary support from the Federal Reserve, including purchases of