Jobs Collapse, Equities Jump
"There seems to be a willingness to look past an absence of revenues and earnings, increasing unemployment, an explosion of sovereign and corporate debt and devolving credit ratings based on two things: huge policy response and faith that a meaningful recovery will be somewhere within the next six-12 months."
"Thus, now that we are beginning the reopening process the market assumes many of these people will hopefully get hired back over the coming months and quarters."
"You have investors that seem to be able to look through the tsunami of negative economic data and earnings and toward the potential for a gradual reopening of the economy."
"The breadth of job losses is a jarring signal of the massive challenge of restarting vast swaths of the economy – not just a few sectors – and it therefore serves as a stark indication that a 'V-shaped' recovery will not be possible."