Confused about the stock market 🤔

Unemployment is rising at worrying levels. Oil is at all time low and looks like US shale companies are on a brink of collapse. Financial institutions have had bleak earnings and are warning of loan defaults. US government is pumping money at the cost of accruing bad debt. Demand due to coronavirus is at all time low and even if the lockdown eases down, won’t be back up to anywhere near pre-crisis level till at least June-July. A true vaccine won’t be mass manufactured before the end of the year.

But.. the brave stock market is flying like there is no end in sight and everything is back to normal as soon as there were news that the curve is flattening and Gilead’s treatment (not a vaccine but just a treatment) is more or less working.

What gives? I can truly not understand this optimism. Is this a bear rally to end in another major sell off or the stock market has completely detached itself to the reality and is living in a distant Utopia?
#investments #stocks #401k