The problem for stocks is bonds
A NY Times article reports that the cost of borrowing has risen drastically for many corporations, especially those without investment-grade (BBB or higher) credit
The top-quality companies, like Johnson and Johnson, Berkshire and some others, will still be able to raise capital in the debt markets. However, a lot of other players will suffer, even those which would normally have good prospects but don't quite have an investment grade rating.
The economy will not recover until the cost of debt comes down to reasonable levels. Meanwhile, investors may well wish to add investment grade corporates to their portfolios.