EDITOR'S NOTE
More than 30 million Americans have lost their jobs over the past six weeks, the U.S. economy is shrinking dramatically this quarter and the stock market just had its best month since 1987.
Most of Wall Street hates this rally, writes CNBC's Yun Li. It not only ignores human suffering, but it defies current economic fundamentals.
It's risen on hopes that state-by-state reopenings will go well and that promising treatments for the coronavirus in clinical trials will prove effective. The rally also has received trillions of dollars worth of fuel from the Federal Reserve and Congress. 
Still, a slew of observers see a downturn ahead. "The market may be getting ahead of itself as hope may be offset by reality,” said Tony Dwyer, chief market strategist at Canaccord Genuity.
Despite a strong monthly performance, stocks fell on Thursday after another 3.84 million workers filed for unemployment benefits. That brings the total to 30.3 million over the past six weeks.
The market likely won't be able to ignore the economic damage from the coronavirus pandemic forever, said Matthew Maley, chief market strategist at Miller Tabak.
"History tells us that the odds of another deep decline are very, very high.”
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