@jeffmueller The stock market is future-looking. The massive unemployment is not surprising because the government has deliberately shut the economy down. Plus lots of people getting enough cash* to not have to look for work is a positive sign (more social distancing -> shorter quarantine over all). Between that and the grants/loans** to business, hopefully the economy won’t collapse completely and we’ll have a V shaped recovery.

Also, Trump pulling back from “opening for business” by Easter probably encouraged the markets as well. The less the federal government appears to be fucking things up, the more likely it seems that things will be ok on the other end.

* UI benefits are pretty generous right now. For about four months, people get roughly 85% of their regular wages up to roughly $60,000 (it varies somewhat by state). It also covers people who have been furloughed or have had their hours cut back, which is not usually the case.

** The loans for small businesses will be forgiven as long as they spend 75% of it keeping employees on payroll.