The best argument I've seen is that the stock market typically prices things in faster than other parts of the economy, so the stock market took the hit well be

The best argument I've seen is that the stock market typically prices things in faster than other parts of the economy, so the stock market took the hit well before things like unemployment indicators did. Also, some stocks are doing alright, while others are doing badly, depending on what sector they're in. Looking at the aggregate gives misleading information.