The striking thing is how late the market moved
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Here’s the S&P 500 (daily close) with the key COVID and policy events marked; the numbered key is below the chart.
Event key:
Dec 31 – China reports the Wuhan pneumonia cluster to the WHO
Jan 21 – First confirmed US case (Washington state)
Jan 23 – Wuhan locked down
Jan 30 – WHO declares a global health emergency (PHEIC)
Feb 19 – S&P 500 all-time high, 3,386
Feb 24 – Italy outbreak; first big US selloff
Mar 3 – Fed emergency 50 bp cut
Mar 11 – WHO declares pandemic; Europe travel
Event key:
Dec 31 – China reports the Wuhan pneumonia cluster to the WHO
Jan 21 – First confirmed US case (Washington state)
Jan 23 – Wuhan locked down
Jan 30 – WHO declares a global health emergency (PHEIC)
Feb 19 – S&P 500 all-time high, 3,386
Feb 24 – Italy outbreak; first big US selloff
Mar 3 – Fed emergency 50 bp cut
Mar 11 – WHO declares pandemic; Europe travel
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