Why the ASX 200 is at a 15-month high today

The S&P/ASX 200 Index (ASX: XJO) is having another top day today as the market opens. At the time of writing, the ASX’s flagship index is up 0.96% to 6,994.4 points. That’s a 15-month high for ASX 200 shares. It’s also tantalisingly close to the psychologically potent 7,000 points mark, which the ASX 200 crossed for the first time ever in January of last year. Of course, the coronavirus pandemic made short work of that high just a month or so later, and we haven’t seen the ASX 200 climb back above 7,000 points since. But on the index’s recent momentum, it might not be too far off.

It’s a decisive move upwards for the ASX 200. The index had, until last week, been stuck in a rut of sorts since late November. That’s when…