Picking on the S&P 500, late last year 95% of the returns...

Picking on the S&P 500, late last year 95% of the returns derived from the index were attributed to ~5% of the 500 company's that make up the index, mostly growth/tech stocks. The sell off you refer to in Jan/Feb, from what I have read, was a rotation out of growth into value stocks, thus the other 95% is now seeing some love.

Furthermore, China and Australia's economies are improving fast from C-19 downturn, now in recovery mode. As above, ASX 200 is back to were it was in Feb 2020, not above. Many countries will look to an infrastructure induced recovery, which is underway. Additionally, country based stimuli is flowing into the respective economies in a more targeted fashion, instead the broad brush approach from last year, so one might want to follow the sectors who are receiving those stimulus dollars.

AIMO, DYOR