The FTSE 100 closed at an all-time high of 8,024 points on 22 April. And on the day after, as I write, it briefly peaked above 8,076 points. Is the gloom of the past few years finally lifting, and are the days of cheap UK shares numbered? Sentiment is clearly improving. And weak sentiment is what has kept Footsie share prices so low over the past five years. Interest rates are playing a big part. Why risk money on the UK stock market in tough times when we can get a guaranteed 5% from a Cash ISA? A zero-risk cash investment has its attractions. But rates can’t stay that high once the Bank of England starts its cuts. Head of investment analysis and research at Hargreaves Lansdown (LSE: HL.), Emma Wall, tells us: “Investor confidence has ticked up once again April. Confidence in all global sectors has risen, but particularly in the domestic stock market — where clients have seen an eight-point surge of optimism.“ I never knew there was a way to quantify optimism. But anything that suggests people are 8% happier is good with me. She also points out: “The UK market is currently on a considerable discount...