6.6 million people unemployed last week.
3.3 million the week before.
Dow is up. 
https://twitter.com/seungminkim/status/1245700929434931200 …
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I'm not sure the market under-reacted. A 35% drop reflects something equivalent to a 35% drop in the profits of all current large US companies FOREVER. A couple of years of heightened unemployment wouldn't do that. The drop may have already anticipated bad news for a long time.
Fair point. But S&P 500 P/E ratios (c. 18.6) are still a bit above long-term historical means (c. 15.8)?
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They're below the mean for 1990-2020, 15.8 is I think going back to 1870. I didn't study this in depth, but my guess is that discount rates are lower today in a mature and kinda stagnant economy. Nothing is giving you yields that would justify pulling $ from stocks even at 18.6.
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