What recession? Why stocks are surging despite warnings of doom and gloom

Why stocks are surging despite warnings of doom and gloomEnlarge this image toggle caption Michael M. Santiago/Getty Images Michael M. Santiago/Getty ImagesIt has been a hell of a year so far. But despite all that, the stock market surged in the first half of the year. Despite widespread expectations that the U.S. could be headed for a recession this year, the economy has proved a lot sturdier than many on Wall Street had forecast. But it's not all rosyDespite the strong market gains, there's one troubling detail: The stock market's gains have not been broad-based. It takes a while for higher rates to filter through the economy, so even as recession fears have subsided somewhat, they have not gone away completely.