London opened 1.8% higher and Frankfurt advanced 1%. China's main stock index rose 1.8% and Tokyo closed up 0.9%.
The mounting losses and a flight by investors into the safe haven of bonds have fueled warnings the global economy, which already was showing signs of cooling, might be headed into a recession. The Shanghai Composite Index rose to 2,996.76 and the Nikkei 225 in Tokyo advanced to 19,867.12. Hong Kong's Hang Seng climbed 1.4% to 25,392.51.Singapore, Bangkok and Jakarta advanced by more than 2%, while New Zealand declined.
For most people, the coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia. The vast majority of people recover from the virus, as has already happened with about three-quarters of those infected in China.
The S&P dropped 7.4% in the first few minutes of trading, triggering an automatic 15-minute market-wide trading halt. That has happened only once before, in 1997.
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