The Vanguard Total Stock Market Index (which a broad index of the U.S. market) was at an

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Question:

The Vanguard Total Stock Market Index (which a broad index of the U.S. market) was at an all-time high 172.17 on February 19, 2020. Unemployment was at a record low, we had low inflation, the U.S. economy was the strongest in the world, earnings were very strong, regulations had been removed. However, on January 15, 2021 the Vanguard Total Stock Market index was at 197.00. Only 14.4 percent higher than it's record high on February 19, 2020.

Yet of course, the economy, country and world are in a much changed place due to the pandemic. Do you think this price of 197 on January 15, 2021 is rational? Does it make sense to you? Explain.