This stock market rally isn't like the others (SPX)

The rally in stocks to all-time highs has little to do with earnings — the most important driver of stock prices — according to Deutsche Bank.
On Monday, the S&P 500 broke through its previous intraday high for the first time since May 2015.
According to Dominic Konstam and team, writing in a note Friday, the rally is about the declining equity risk premium, which is simply the excess return the stock market provides over a risk-free rate like bond returns.
The premium jumped aft