"Big U.S. companies announce massive (45,000) job cuts" and the stock market stays up.
"Caterpillar, GM, Pfizer, Home Depot and Sprint cutting."
It's true that some of these were announced later in the day, but the market knew they were coming down.
Supply and demand certainly doesn't reflect intrinsic worth, but more emotional attatchments. The stock market does not have a rational basis. I'm afraid many people think it does.
Arf