Stocks have rallied hard for most of this week, as investors have grown less pessimistic about both President Trump's tariff war and the risks to central-bank independence. Here is a breakdown of how the market has bounced since Monday.

The S&P 500 declined more than 10% during President Trump's first 94 days in office, the index’s worst performance during the beginning of any presidential term in history. The S&P 500 has returned a median of 16% during the 12-month period following bearish sentiment readings above 50%,