At precisely 10:00am this morning, Reuters' journalist Abhiram Nandakumar issued a report which tried to "explain" what is going on and why stocks are soaring. This is what he came up with (link):
However, appears that someone did not like Reuters "peddling fiction" that the only reason stocks are soaring is for the same reason they have gone up for the past 7 years, namely hopes (either realized or not) of more central bank stimulus to fix the deteriorating economy, and Abhiram got a tap on the shoulder.
As a result, here is what the above article was promptly revised to in under two hours (link).
To summarize: the "bad" data which was originally so poor it prompted hope of more stimulus and let Wall Street surge, was subsequently seen as "data" that no longer spurs stimulus hopes but now points to economic recovery. Wall Street surged some more.
And now you know all there is to know.