The govt is giving out free money and people will do something with this money. Sometimes the intention the govt has is for it to be spent to support the economy.
Today we are seeing people park money in stocks, and companies buying back stocks with cheap debt. It's likely overvalued from excessive buying.
The FED seems ok with this and hopes the economy will catch up. So really the market is overvalued today but with hopes that main street can catch up before a crash happens.
