Companies that are seen as especially vulnerable, such as retail stores spread across malls, are seeing stock declines of 50% and have only recovered marginally since March 23.
On the flip side, clear beneficiaries of the current upheaval are doing well.
So while markets are not moving on real-time economic fundamentals, they are moving on reasonable judgements of fundamentals going forward
The Fed, for instance, is committed to purchasing hundreds of billions of dollars of municipal bonds at favorable rates, which will mean that cash-strapped state governments should be able to retain teachers and policemen and programs
The Fed also is about to lend another $500 billion to Main Street businesses, which is coming too late to avoid the pain of the last month but will still matter greatly to the ability of companies to move forward and eventually rehire. The most visible effect of the money in motion now is the stock market, but that will be not the sole beneficiary as more Fed money flows to states and Main Street.