This research is aimed to establish US (macro) as well as domestic (micro and macro) determinants of the Indonesia stock market since the Federal Reserve started quantitative easing (QE) policy in 2008 until end of 2020. Error Correction Model (ECM) is applied on models with co-integrated variables and Vector Autoregression (VAR) in first difference is applied on those without co-integrated ones. This research finds that QE positively affects the Indonesia equity market through the currency exchange rate. Another US macro determinant for the Indonesia equity market is S&P 500 index. On local determinants, this research finds that Credit Default Swaps (CDS) index and market volatility negatively affect the stock market, while Rupiah exchange rate, stock market liquidity and valuation positively impact the Jakarta Composite Index. To the author's knowledge, there has been no research on the influence of the CDS index on stock markets in Indonesia since the QE policy was launched by the US central bank in 2008.