Worst jobs report ever yet stocks rally | 14.7% unemployment rate | Can gains be sustained?

Investors drove all the major indexes higher, even in the face of 20.5 million job losses in April.

VIEW IN BROWSER | SUBSCRIBE FRI, MAY 08, 2020 EVENING BRIEF AS OF FRI, MAY 08, 2020 • 04:52 ET DJIA 24331.32 +1.91% +455.43 S&P 500 2929.80 +1.69% +48.61 NASDAQ 9121.32 +1.58% +141.66   Most Active DOW NAME LAST CHG %CHG AAPL 310.13 +7.21 +2.38% MSFT 184.68 +1.08 +0.59% DIS 109.16 +3.59 +3.40% S&P 500 NAME LAST CHG %CHG F 5.24 +0.37 +7.60% GE 6.29 +0.18 +2.95% NCLH 12.43 +0.43 +3.58% NASDAQ NAME LAST CHG %CHG AAL 10.14 +0.60 +6.29% UAL 25.42 +2.67 +11.74% AMD 53.19 +1.24 +2.39% EDITOR'S NOTE The worst economic data of our lives  and yet the stock market rallies.   Friday's nonfarm payrolls report showed 20.5 million jobs lost in April and an unemployment rate of 14.7%. Stocks rallied sharply and finished the week with impressive gains.   These horrific numbers were expected, but it's still been an astonishing response, and CNBC's Pippa Stevens explains the paradox. The market is betting the staggering job losses are temporary, and indeed, 78% of unemployed workers describe their plight this way. Still, there's no guarantee that they will all be needed back as businesses reopen, writes CNBC's Patti Domm.   There's also the ongoing risk of a second wave of coronavirus infections, notes Mark Zandi, chief economist at Moody's Analytics.   "It just feels like this rapid reopening of businesses across the country is asking for trouble," he said. "If we have another round of the virus, this is going to go down as a depression not a recession because we're going to be down double-digit employment for a long time."     Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  Dow rallies even after record job losses as investors bet the worst has passed A record 20.5 million jobs were lost in April as unemployment rate jumps to 14.7% Hardest hit industries: Nearly half the leisure and hospitality jobs were lost in April Some hope for the recovery in the dismal jobs report: 78% of workers say their layoff is temporary Why the stock market is up even with historic job losses Recovery could be slow, uneven and dependent on whether companies still need as many workers Track the latest coronavirus news here Vice President Mike Pence staffer tests positive for coronavirus Art Cashin says the recent stock market bounce is premature — and here's why Booking Holdings CEO says a coronavirus vaccine is needed to make travelers feel safe again     TOP VIDEO Wharton's Jeremy Siegel on why historic April job losses aren't impacting stocks   CNBC PRO Tech stocks are in the green for the year. Here are Wall Street's favorite picks in the industry   SPECIAL REPORTS Three stocks in unloved corners of market could be solid bets: Analyst Nvidia and two other tech stocks could continue to lead sector higher: Charts   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS