Chu: ‘No Doubt That the Issues Around the Coronavirus Are Having a Significant Impact’ on Markets

EXCERPT:

CHU: "Willie, Mika, Joe, to add to Jonathan’s point here, the reason why we don’t want to be alarmists about either the medical impact for the coronavirus or the market impact, but there’s no doubt that the issues around the coronavirus are having a significant impact. You mentioned that 1,200 nearly point loss yesterday in the Dow, the biggest single day point loss in the history of the Dow. But what's more important here from a broader perspective, it's not just the Dow. The S&P 500, a broader measure of the U.S. stock market, has now lost in the last six days some $4 trillion worth of market value. $6 trillion worth of market value has been lost in global markets, all of that according to data from S&P Dow Jones Industries. It is also a scenario where the markets now for the S&P have now fallen by 10% or more in the fastest period or span in market history. That is to say we were just about six, seven trading days ago at record highs for S&P, it took only six days to fall by 10% or more.”