Stocks went on a wild ride Thursday as investors struggle to gauge the potential impact of the coronavirus outbreak on the global economy.
The losses extended a weeklong rout in stocks that has wiped out the solid gains the major indexes had posted early this year. Investors came into 2020 feeling confident that the Federal Reserve would keep interest rates at low levels and the U.S.-China trade war posed less of a threat to company profits after the two sides reached a preliminary agreement in January.
Stokes said the swoon reminded her of the market’s reaction following the Sept. 11, 2001 terrorist attacks. Japan will close schools nationwide to help control the spread of the new virus. Saudi Arabia banned foreign pilgrims from entering the kingdom to visit Islam’s holiest sites. Italy has become the center of the outbreak in Europe, with the spread threatening the financial and industrial centers of that nation.
Such cuts are even more impactful now because stocks are already trading at high levels relative to their earnings, raising the risk. Before the virus worries exploded, investors had been pushing stocks higher on expectations that strong profit growth was set to resume for companies.
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