the stock market and the economy are interrelated but by no means are clear reflections of each other. In the 2008 recession, the companies in the market did not have cahs on hand to see them through such a big crisis and that is what caused all the speculation and the fear about a lot of companies. Even if it was a great company, getting credit was not easy, so too for the not so amazing companies.
Now in the news, you hear constantly abouty how much cash comapnies are actually holding on to. While some people choose to look at that as terrible news, a lot of people look at inversely as "wow, these comapnies are reporting better earnigns than ever and they now have a ton of cash on the sidelines in case they need some protection. The market doesn't play with logic.