Stocks stare down a bear market as investors rush for the exits in pandemic panic

Stocks plunged around the world, oil tumbled and the stress in U.S. credit markets deepened after the World Health Organization called the virus spread a pandemic and the Trump administration remained unable to detail any stimulus measures to combat the economic fallout.

Canada’s stock market has gone from a bull market to bear in just 14 trading days, wiping out $454.2 billion in value on the escalating spread of the coronavirus and plunging oil prices. The WHO declaration and no comments on stimulus from President Donald Trump rattled markets. Trump said late in the market session that he’d make a statement Wednesday night on the administration’s plans. European officials signalled a growing willingness to move soon to combat the virus’s effects on the region’s economy.

“We have no idea when the coronavirus, the spread, is going to subside. That uncertainty is going to continue to create a lot of volatility,” said David Spika, the president of GuideStone Capital Management. “We have no idea how to model it, we have no idea what to expect from it.”U.S. stocks extended their three-week slide as investors grappled with the potential economic hit from the virus that is upending daily routines around the world.

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