It was the stock market’s worst week since the 2008 financial crisis.
The U.S. stock market has officially plunged into correction territory—at the fastest rate ever recorded, suffering its worst losses since the 2008 financial crisis this week amid ongoing panic over the spreading coronavirus and its impact on the global economy.
The Dow plummeted nearly 1,200 points on Thursday—its biggest one-day drop ever, thanks to the coronavirus, which has now spread to at least 49 countries in a matter of weeks. Those losses continued on Friday, though the drop was somewhat less severe: The Dow fell 1.4%, while the S&P 500 sank 0.8%.
National Economic Council director Larry Kudlow on Tuesday told CNBC that the virus is unlikely to become a, and described this week’s sell-off as a good buying opportunity. That same day, however, the CDC warned that the American public should brace for major disruptions from the coronavirus. its estimate for U.S. corporate earnings in 2020, forecasting 0% earnings growth for 2020 as a result of the outbreak.“Markets are much too negative on the coronavirus. . . . The market was too expensive earlier in the year, but the coronavirus panic is overdone,” says Vital Knowledge founder Adam Crisfaulli.
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