Stock Market Rout Continues Over Coronavirus Fears

Stock Market Rout Continues Over Coronavirus Fears

Stock markets around the world dropped for the sixth day in a row due to escalating fears that the coronavirus outbreak will affect economies across the globe.

From the New York Times:

The S&P 500 fell 4.4 percent on Thursday, the worst single-day market slide for the market since August 2011. The index is on pace for its worst weekly performance since the 2008 financial crisis. Stocks in Europe and Asia were also hard hit on Thursday.

The sell-off came after public health officials in the United States and Germany said new patients in each country had no known connection to others with the illness, a development that could complicate efforts to track the virus. Cases of the virus have appeared in at least 47 countries.

The speed of the market slump has been stunning, with the S&P 500 falling more than 10 percent from its Feb. 19 high, a drop that Wall Street labels a correction to suggest the decline is more significant than a few days of downbeat trading.

The CDC has confirmed the first U.S. coronavirus case of ‘unknown origin.’

Donald Trump continues to deny the severity of the coronavirus threat.