The Dollar is Collapsing
While all eyes are on the Treasury and its actions to rescue major corporate financing problems, the dollar is providing its take on things. The rescue of junk bonds through the HYG ETF is probably the backstory.
Stocks are back in La La land.
For sure economic data is not important for stocks at this point.
COVID 19 is something on which to focus.
What is important is that virus’s take a compound of 14 day reinfection periods before R “0” goes over 1.0. Current market excitement is based on 14 days from first openings. Mid July COVID data is what will be important.
And keep in mind currently the market is not reflecting economic data.