The Dallas Fed just released the April General Business Activity Report and it looks like the middle part of the US is going through an economic rough(er) patch. Quite rough perhaps. But because we live in stock bizarro world now, markets are rising. Bad news means more money from the Fed.
It wasn’t that long ago that markets wanted positive economic data to go higher. The prospect of higher earnings going forward used to be what shined up the S&P. Now, it’s just Federal Reserve crack.