Explain how Gordon Growth Model can be used to intuitively explain the stock market prices dynamics (e.g. based on S&P500 index) during the following phases of the Cvoid19 pandemic: Phase 1: February 21, 2020 March 20, 2020 peak impact of the first wave of the pandemic

Phase 2: March 21, 2020 August 28, 2020 recovery period post-first wave of the pandemic

Phase 3: August 28, 2020 October 30, 2020 second wave uncertainty

Phase 4: November 1, 2020 February 12, 2021 promise of a global recovery

Phase 5: February 15, 2021 September 12, 2021 markets ignoring delta variant wave.