“There’s another way to think about it, and that would be the market knows the news is going to be bad economic data and the market knows it’s going to get worse,” said Art Hogan, chief market strategist at National Securities. “The market knows even good companies are going to report earnings and pull their guidance. The market is looking toward light at the end of the tunnel and what would that look like.” Hogan said one big positive was the promising news on Gilead, but also that 70 other companies are working on vaccines or therapies.

He also said the Fed’s unrelenting policy moves since late March have helped the stock market. The S&P is now up 13.7% for the month of April, on track for its best month since October, 1974. market was positive.