Possible reasons why coronavirus not cause massive US stock market fall: (1) not long-run bad, (2) hits mostly senior citizens, (3) international flight to quality investments, (4) expect Fed print lots $ so no nominal crash. Anything else?
The econ thinking types have forced the political machine to Goodhart's law public markets. This is like the debate around futarchy. Equities markets used to give signals that were "too good" about the likely negative effects of things the political class really wanted.