Mounting health concerns derailed the bulls on Wall Street, raising doubts about the durability of the nascent economic recovery and sending stock prices sharply lower this week.

For the most part, economic indicators are showing more strength than expected, confirming that the worst of the Covid-19 recession is behind us.

At its latest policy meeting this week, the Federal Reserve reiterated its firm commitment to keep interest rates at rock-bottom levels and retain its formidable pump-priming efforts, including purchasing copious amounts of Treasury and agency securities, as far as the eye can see.

The wall of worry took an unexpected turn on Friday when the Labor Department issued a surprisingly upbeat jobs report, defying consensus expectations that the economy lost several million more jobs in May.

As lockdown restrictions and shelter-in-place mandates gradually ease across the U.S., the economy is slowly regaining its footing.

Restaurants are reopening, the weather is turner balmier, luring people out of their homes and engaging in recreational activities, sales of bicycles are surging, consumers are snapping up outdoor gear and accessories, and traffic on highways is increasing.

Another 3 million laid-off workers filed for unemployment benefits in the latest week, bringing the cumulative total of new claims to more than 36 million since March 21.