US stock rally faces major test as China virus spreads

The latest rally in U.S. stocks is facing a serious test, as the S&P 500 heads toward its worst loss in months on concerns over how the coronavirus will impact the global economy.

“Markets hate uncertainty, and the coronavirus is the ultimate uncertainty," said Alec Young, managing director of global markets research, FTSE Russell, New York."With the markets overbought to begin with, this is now a sell first, ask questions later situation." "Positioning in the equity markets... had gotten a little bit out of hand. That creates a lot of kindling for a fire in risk asset prices," said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott.

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