Coronavirus spreads to more countries, stock market takes historic tumble
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Global stock markets plummeted for a seventh consecutive day increasing fears that the coronavirus spread will wipe out corporate profits and push some of the world’s biggest economies into recession.
Pandemic fears wiped out $3.4 trillion from the S&P 500 and US stocks are on pace for its worst week since the 2008 financial crisis.
There are now more than 83,000 global coronavirus cases with infections on every continent except Antarctica.
The virus has killed 2,800 people around the world.
According to Japan’s health ministry, as of today six people who were on the quarantined Diamond Princess cruise ship have now died.
Economists say if the coronavirus outbreak becomes a global pandemic, $1 trillion could be wiped off the world economy with recessions in the US and the euro zone.
And that’s because investors are not trained in epidemics.
That creates a fear of the unknown and in that environment investors tend to sell fast and ask questions later.
Market veterans are urging investors not to panic and to remember that the stock market always tends to overreact to recession scares both to the upside and downside.
At some point the market will correct itself.
Posted – 2.28.20