from Statista.com
— this post authored by Felix Richter
After the U.S. stock market had been largely unaffected by the coronavirus outbreak in China, things took a turn for the worse as the virus started spreading outside of China. A broad market sell-off led by technology and airline stocks has lasted for six days now, wiping out all year-to-date gains for the three major indices.
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The Dow Jones Industrial Index shed 1,190 points on Thursday, in what was the largest single-day point drop in the index’ long history. The tech-heavy S&P 500 dropped by more than 10 percent since Monday as the GAFAM group of tech companies collectively shed hundreds of billions in market capitalization. All three major U.S. indices are now in correction territory, meaning they’re down more than 10 percent from their previous short-term peak.
While news coming out of China are encouraging, with recoveries now outpacing new infections, hopes of the epidemic being largely contained there have been dashed this week. While not officially classified as a pandemic by the WHO yet, the virus’ global footprint continues to grow rapidly. The number of confirmed cases outside China more than doubled this week, sparking concerns that the outbreak’s impact on the global economy could be worse than originally expected.
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