Out of the all the casualties of the virus, the efficient market hypothesis has got to be one of them...
Where were efficient markets when all news from China pointed to a pandemic?
Where were efficient markets when all news from China pointed to a pandemic?
In November 2002, when SARS was first identified S&P was at ~909, it dropped to 846 in March 2003, and was back up as the virus was shown to be under control. Obviously lots of factors in play, but we're very susceptible to hindsight bias as a species.