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50.According to some analysts, the gains in the stock market reflect growing confidence that the economy will avoid the recession that many had feared earlier in the year and instead come in for a “soft landing,” followed by a gradual increase in business activity。
 
 joe,糊糊来了~~
 我这道题开始也不明白,后来看了一段解释觉得应该是这样子的。gains in the stock market,就是说gains在已经被made的情况下,analysts才能对这种人们fear的现象做出说法(according to analysts就是隐含的这个意思)。然后就是had feared的判断,根据analysts的说法,人们产生feared的情绪肯定是发生在gains in the stock market以前,因为如果gains in the stock market先发生就不会有fear了,所以这么推断fear应该是在gain in the stock market之前的一个状态,所以要用had feared。
 这个解释是我从一个英文的解释翻译下来的,感觉是这个意思,joe再想想看明白点没?
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