Pretty simple, hand everyone thousands of dollars of free money, add a Yolo mentality, dirt cheap oil prices (early 2020), and no wars or other macro risks and stock prices go up, kind of hard to grasp which part is difficult to comprehend here. The Fed also increased its balance sheet but inferring it did so at the pleasure of the elites is disingenuous. Why we entered a correction? Because most assets were priced out of any realistic proportion. Boom and bust. Plus a war, plus roaring inflation, plus record resource prices, plus unabating supply chain bottlenecks.
If someone can precisely tell me the mechanism that caused the market to pump from March 2020 when the Fed decided to increase the balance sheet to Nov 2021 and now be in a bear market given the Fed is "reducing" the balance sheet, I will be very grateful.