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Why do stocks continue to rise in the face of anxiety about the coronavirus? Ongoing support from the Federal Reserve, a stable outlook for corporate earnings and fear of missing out may have something to do with it.

The latest: The Dow finished the week up 1%, while the S&P 500 closed 1.6% higher. Both indexes hit all-time highs mid-week. The STOXX Europe 600 index rose nearly 1.5% after climbing to a fresh midday record on Friday. Even the Shanghai Composite managed to lodge a 1.4% increase for the week.

Meanwhile, the coronavirus outbreak shows no sign of losing steam , as the death toll and number of people infected continues to climb.

Peter Boockvar, chief investment officer at Bleakley Advisory Group, thinks the explanation is simple: It's about overconfidence in the Fed.