The Coronavirus Stock Market Rollercoaster Isn’t Stopping Anytime Soon
It may get a lot worse before it gets any better.
Sales of face masks, hand sanitizer, and disinfectant may be spiking worldwide due to the cascading spread of 2019 novel coronavirus, but the stock market is deep in the red. Thursday marked a fifth straight trading day with serious declines on the Dow Jones Industrial Average and S&P 500. The Dow actually saw its biggest one-day point drop ever, and both indexes fell more than 4.4 per cent at the closing bell. A seemingly never-ending deluge of reports of the wider business implications of the virus—from big banks restricting travel abroad to tech companies bailing on conferences to airlines suspending flights—pointed to a crisis that was making itself felt throughout the American economy.
The scary part is, even if U.S. cases of the virus stopped increasing—which seems extremely unlikely—the ripple effects are already in place for long-term shock to the world economy.
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