This is my take as well.

Yes, seeing a 30% drop in GDP this quarter is huge. Just like the 5 million or so who applied for UI.

However, the expectation is in a few months, restrictions will loosen and the recovery will begin.

So yes, the stock index should drop, but not by 33%. That was an overreaction. So now the market is going up, but it will still be down 10-20% until people get back to work.