Please Briefly answer these questions.

1. Induced by the Coronavirus Disease 2019 (COVID-19) pandemic, the longest U.S. stock market bull run of 11 years ended in mid-March, the quickest drawdown on record. The market subsequently rebounded, responding to the $2 trillion coronavirus relief package. The swing of stock prices has created unprecedented volatility. The attached articles explain the function of the U.S. stock market, the different ways to view stock pricing, and how certain pandemic-induced conditions could affect policymaking. Read the attached articles and answer the following questions. (a) Explain the three separate phases in the U.S. stock market after the COVID-19 pandemic. (Refer to the attached article of 'ING - Think Outside') (b) Explain the swing of stock prices by using the Covid-19 risk attitude index. (Refer to the attached article of 'BIS Bulletin No.25')