Plus if say you're a chain restaurant right now, the future probably looks bright. You had the credit to weather a year of takeout only. Meanwhile three of the four family restaurants nearby that you competed with are dead and gone.
Basically very few folks who trade on the S&P went out of business, but a lot of their competitors did. Sure you'll have an entire cohort of newly impoverished that can't spend, but a bunch of your competitors went away. Going to be one of those summers where my ETFs are going up at the same time the food pantry is seeing record usage.
More like the USD is at an all time low
Much of the country is, economically, doing great: they're still employed, they've been saving a ton of money because they're working from home, not traveling and not going out as much, and their home equity and stocks are doing great.
Much of the country is doing horribly: their industries have been decimated, they're unemployed and way behind on rent.
However, when a vaccine comes out, there will be huge pent up demand from the first group to go out and spend money, which will largely end up going to people in the second group. Small businesses have been killed but I think new businesses will open very quickly once the pandemic is over.