Stock markets have risen strongly (from when the bears were at their most vocal) for three main reasons: (1) valuations were distressed eg banks trading at 70% discount to their net assets, (2) the Euro elite fudged another stop gap and (3) liquidity is abundant.
So this has created an element of a wealth effect. But note how many companies share prices have slowed again very recently (now that the new bulls have become vocal) as distressed valuations have been eroded but companies are still generating returns below cost of capital.
Share prices have also risen on very low volumes so ignore all the false headlines from stock-pushers claaiming a wall of new money. That is BS.
None of these hurts but as the latest figures show for the Uk there are other reasons why the banks are not lending. It will take more than a rally if distressed valuations to change that. Plus the latest round of Euro shenanigans is just around the corner. The people are speaking even if their elites are not listening.