You must differentiate the very short term and the long term. There is some correlation (far from perfect) between the short term economic outlook and the markets, however, IMTO, valuation metrics have long cycles that are independent of the economic environment, and the metrics impact on stock market prices are bigger than earnings streams (the economic outlook), I explained that in that April 2000 post on SI which I have mentioned here a number of times.
PS, I erred in my last post, AMGN was a loss of a dime, not a gain (sold at $46.20), compensated by the gain in IDPH (though pitance as well).
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