Wall Street seems to have decided the recession risk is over. Can the Australian market do the same?

The local sharemarket has been on the rise in recent weeks, if not as enthusiastically as its counterpart across the Pacific. Photograph: Lisa Maree Williams/Getty Images

One day the IMF warns of a global recession, the next day stocks on Wall Street hit a record high.

From looking at the complete U-turn in fortunes in America, you wouldn’t know the world was in the grips of an unprecedented energy shock.