Global Markets

Forecasts had called for a decline of 7.5 million in payrolls and a jump in the unemployment rate to 19%.

But stocks, unlike Treasuries, are trading as if it won't, according to the economist and investment adviser.

JPMorgan's Dimon said "you could see a fairly rapid recovery" but cautioned that the Fed "can't prop up the stock market forever."

The Federal Reserve's Beige Book shows 38 million job losses in two months and an annualized 4.8% GDP decline Q1, with the prospect of a much steeper drop this quarter.

Danielle DiMartino Booth shares her outlook on short-term unemployment and also November's elections.

The economic recovery will be Y-shaped, according to Liz Ann Sonders, Schwab's chief investment strategist.

It's the first quarterly economic contraction since 2014 and the biggest since 2008.

History suggests deflation is unavoidable in the near term, regardless of central banks' attempts to forestall it. Some companies will falter, but others are positioned to survive or even thrive.