EDITOR'S NOTE
The nation's economy shrank even more than expected in the first quarter, but stocks soared on promising data from a coronavirus treatment trial.
U.S. gross domestic product contracted by 4.8% in the quarter - which hadn't been hit by pandemic shutdowns until mid-March.
"It's pretty stunning how little time it took to derail a whole quarter," said Diane Swonk, chief economist at Grant Thornton. 
CNBC's Patti Domm writes that the new data has economists and analysts reviewing their forecasts for a much worse second quarter with GDP expected to decline as much as 45%.
Federal Reserve Chairman Jerome Powell on Wednesday reiterated promises to keep interest rates low and do whatever it takes to steer the economy safely through the coronavirus pandemic.
For stock investors, how far the economy falls is not as pressing as how long the decline lasts - and that's a function of getting a handle on the virus. The market rose on positive clinical trial results from Gilead. White House health advisor Dr. Anthony Fauci also offered hopeful words for Gilead's drug remdesivir.
“What it has proven is a drug can block this virus,” he said.
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