Fears of a sustained global economic impact as the coronavirus rapidly spreads beyond China have sent investors scrambling to find safety less than 10 days after the U.S. stock market set record highs.
Investors and analysts said the market volatility will likely continue until there are signs that the virus, or COVID-19, has peaked in Europe or the United States. There have been 15 confirmed U.S. cases of the virus, according to the Centers for Disease Control. The forward price-to-earnings ratio of the S&P 500, for instance, now stands at 17.8, according to Refinitiv data. Earlier this month, the index traded at a forward P/E of 18.9, its most expensive valuation since 2002, according to Bank of America Global Research.
"You’re at a very delicate point relative to investor psychology right now. You won't necessarily trip into a panic today or tomorrow or next week but you easily could," said Charles Lemonides, portfolio manager of the ValueWorks LLC hedge fund.
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »