“A reasonable person might argue that GDP fell by about a third in the second quarter and the S&P 500 should be in synch with that. What’s more, of the 500 companies in the S&P 500, about 450 of them are doing terribly. Industries such as retail, travel, energy, entertainment, dining have seen sales evaporate. Bankruptcies are piling up — legendary retailer Lord & Taylor is just the latest — and more are surely coming. Yet, the S&P 500, after a huge plunge in March, is up 2% this year. Market capitalization explains why.” In other words, the giant companies are killing it. Bloomberg’s excellent Barry Ritholtz: Why Markets Don’t Seem to Care If the Economy Stinks.