All that recovery, and quite a bit more I would suggest, is already in the price

As far as many stock markets are concerned, it is as if the disease never happened, despite its continued and economically destructive prevalence in many parts of the world. 

The more representative S&P 500 is 22pc up on its pre-pandemic high

If it looks like a bubble... Even so, it’s a mug’s game trying to predict when it might deflate. If something cannot go on forever, it will stop, President Nixon’s economic adviser, Herb Stein, famously said.

Jeremy Warner Telegraph 13April 2021

https://www.telegraph.co.uk/business/2021/04/13/bull-bearthe-dangers-stock-market-gamble/

If something cannot go on forever, it will stop,

https://www.internetional.se/toft/usdeficit01.htm