If the market expected a worse job loss than 23,000 that would make sense.

I'm not actually suggesting there's a good reason for market swings, just that bad news shouldn't necessarily cause the market to go down.

Yesterday they were expecting the report to show 80k+ jobs added. So, this is much, much worse than expected. The market is up because they expect this will keep the fed from raising interest rates, and also because the market is increasingly detached from reality.