Here is something many investors would have found difficult to believe during March’s stomach-churning selloff: 2020 would turn out to be a stellar year for the stock market.

The Dow Jones Industrial Average is near a record, slipping about 0.1% Thursday alongside the S&P 500 in muted holiday trading. The market for initial public offerings is flourishing. Just weeks ago, home-rental startup Airbnb Inc. made a stock-market debut so stunning that its chief executive was briefly left speechless on live television.

These are things that would be easy to imagine in boom times. But 2020 has been anything but that for the world outside Wall Street. The cold reality is that the market’s rally has occurred in the midst of a catastrophic pandemic that has killed more than a million people, halted business and travel and wreaked havoc on the economy. Although there are plenty of reasons for the market’s comeback, not the least of which is the Federal Reserve’s massive intervention, the staggering rally is still difficult to comprehend for many investors.