U.S. stocks fall again, capping worst week since financial crisis of 2008

If there is perhaps one thing that investors don’t like above all others, it’s uncertainty. And that’s what was served up in heaping bucketfuls this week as it became clear the coronavirus wouldn’t bypass the U.S. — with the stock market turning in its worst performance since last decade’s financial crisis.

The latest losses have wiped out the S&P 500′s gains going back to October. The benchmark index is still up 6.1% over the past 12 months, not including dividends. “A Fed interest rate cut won’t make sick people well, it won’t get consumers worried about getting sick to go to restaurants or the movies, and it won’t fix the disruption in global supply chains. However, it will pander to markets and that is often all the reason the Fed needs. The only question is if they can wait until the March 18 meeting or if they do so beforehand,” said Greg McBride, chief financial analyst at Bankrate.com.

Most investors, though, didn’t seem interested in entertaining the notion of a sustained rebound quite yet, though the tech-heavy Nasdaq actually gained a single point — which means at least it didn’t lose any more ground. Nearly 60 nations representing every continent, except Antarctica, have confirmed cases. The virus outbreak has prompted a wide range of reactions from nations hoping to contain its spread and economic impact. The Geneva auto show was canceled as Swiss authorities banned large events of more than 1,000 people. Parts of Italy’s northern industrial and financial center remain under quarantine.Airlines have suffered some of the worst hits as flight routes are canceled, along with travel plans.

“Our threat assessment is low and the economy is fundamentally sound,” he said in an interview on Fox Business Network, adding he believes “the market has gone too far” and investors “should not overreact.”

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World stocks set for worst week since 2008 as virus fears grip marketsAsian stocks tracked another overnight plunge in Wall Street's benchmarks with the markets in China, Japan and South Korea all posting heavy losses. It's just the beginning
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