It’s another terrible day for the stock market, illustrating the fact that the markets don’t necessarily bear much relation, in the short term, to economic realities. Today the February jobs report was released, and it was a blockbuster:

* 273,000 new jobs created, well exceeding expectations.
* 85,000 jobs added retrospectively to the January and December reports.
* Unemployment rate back down to a historically low 3.5%.
* Wages up by 3%, year over year.

Investors may be spooked by coronavirus, temporarily, but betting against the Trump economy is unlikely to prove profitable in the long run.

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