(New York)

Today is a stark reminder of the differences between the view from Main Street and the view from Wall Street. US weekly jobless claims were leased this morning and broke the all-time record of weekly losses by almost 500%. The previous record was 695,000 jobs lost in 1982. This week’s figures was 3.28m. Yet despite the shockingly grim number, stocks are rallying heartily as investors bet the government’s stimulus will be a cure-all.

FINSUM: This is a great example of how the market only cares about actual vs predicted numbers. Investors figure the 3.3m losses were already priced in, so presumably there is upside. The reality of where things head is anyone’s guess.