The stock market isn't holding up, it's down 26% since this started. The thing to remember is that the stock market is predictive; it fell when investors foresaw the job losses, before they actually happened.
The downright dreadful forecasts coming in about 2020 GDP double digit declines seem to me to warrant a larger decline in equities.
I think a lot of folks think this will be a sharp V recovery, but I'm not so sure. I'm already seeing knock-on effects in the real world. People in tech being laid off; (formerly) rich folks cutting way back on planned spending; entire projects canceled, etc.
This is our new reality until a vaccine is manufactured and distributed.
GDP growth declined -0.1% in '08 and -2.5% in '09
This does seem to be accelerating, although recall that this year opened with a fair few headline-grabbing mass layoffs. It's hard to say that more weren't already coming, with the timetable just moved up.