S&P Slumps 5% as Selloff Intensifies

By Yasin Ebrahim 

Investing.com – The S&P fell 5% as hopes of stimulus efforts were overshadowed by fears the spread of the coronavirus is far from over and its impact on the global economy could be worse than feared.

The slipped 5.03% the lost 4.82% and the fell 5.71%, entering bear-market territory.

“In the days and weeks ahead, we expect to see the number of cases, the number of deaths and the number of affected countries to climb even higher,” WHO Director-General Dr. Tedros Adhanom Ghebreyesus said at a press conference on Wednesday.

The World Health Organization declared Covid-19 a global pandemic as the virus has spread globally, with infections now topping 120,000 as the spread has gathered pace outside of China.

Coronavirus cases in Italy have jumped to 12,462 from 10,149 in a day and deaths have risen to 827 from 631.

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