One of the reasons as to why the stock market has been unaffected by the Covid crisis is that

a) the stock market represents past behavior of the Fed and that has not changed much because of the Covid crisis

b) The Covid crisis had no effect on firm behavior and hence stock market is unaffected

c) The stock market has been severely effected by the Covid crisis since the major indices have fallen drastically

d) the major stock indices are biased towards the bigger firms like google, apple, etc and they are unaffected by the Covid Crisis