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London (CNN Business)If you're asking why US stocks just hit an all-time high in the middle of a pandemic that's triggered the sharpest recession in history, you aren't alone.

What's happening: The S&P 500, the broadest measure of the US stock market, notched a new closing record on Tuesday, erasing all its losses since February. The index has rallied more than 50% from its low point on March 23.

"It's hard to believe, but the 2020 bear market is officially over," Solita Marcelli, Americas CIO at UBS Global Wealth Management, wrote in a note to clients. The bear market officially lasted just over one month, making it the shortest ever, according to S&P Dow Jones Indices.

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