Friday’s horrific jobs report will catch the eye of even the most casual economic data watcher, but don’t be surprised if the stock market shrugs.
Why it matters: Grim economic news hasn’t derailed the market’s comeback. The stark difference between what’s happening in the coronavirus-hit economy vs. the stock market has never been more on display.
Driving the news: The tech-heavy Nasdaq erased all its losses for the year. It’s rallied 30% since late March, while the S&P 500 has risen 23% since then (though it’s still lower on the year).
- Within that same timeframe, more than 33 million Americans have filed for unemployment. And the current quarter’s economic contraction is set to be one for the record books while the country is struggling to beat back the coronavirus outbreak.
What’s going on: There are a myriad of reasons for the cheery stock market in some of the most depressing times — my colleague Felix Salmon lists them here.
Bill
Article URL : https://www.axios.com/stock-market-jobs-report-coronavirus-2ae62de3-6ffa-42e4-b365-9837e49e3f0a.html