Coronavirus Drastically Affects Stock Market in US In A Week

Coronavirus Drastically Affects Stock Market in US In A Week

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Coronavorus has drastically affected stock market in US in just one week. Trillions of dollars have been wiped out of the stock market in a week. The three major stock indexes posted their worst weekly percentage drops since the 2008 financial crisis. Over the past week, the coronavirus outbreak has shaken stock markets and prompted concern from US politicians.

The country has 64 confirmed cases and no deaths  still relatively small numbers compared to mainland China, where 79,251 people have been infected, and other more recent hotspots, such as South Korea, Iran and Italy, where outbreaks are expanding rapidly.

But concern over coronavirus is certainly leaving its mark. After a briefing Friday, Democrats said that the country is not prepared to deal with the public health threat, while Republicans were less critical but still said that more needs to be done to combat the spread of the disease.

"This is potentially an enormous issue for the country and I do not think we're prepared," Rep. Pramila Jayapal, a Democratic Judiciary Committee member, said.

The three major stock indexes posted their worst weekly percentage drops since the 2008 financial crisis. Trillions of dollars have been wiped out of the stock market in a week.

US drug stores, retailers and suppliers are racing to keep up with surging interest for cleaning products as fears over coronavirus intensify. Pharmacy CVS has warned that the demand for those products could cause supply shortages.

The fears are also impacting the entertainment industry. Production for the upcoming season of hit show "The Amazing Race" has been temporarily suspended, and California punk rockers Green Day suspended concerts in Asia over the virus.

Several people are believed to have become infected despite not traveling to an infected area, or having come into contact with a person known to be infected with the virus.
Companies such as footwear manufacturer Crocs, which has a large retail presence and consumer base in Asia, have been hit hard. In the case of Crocs, the company relies solely on non-US third party manufacturers, and says it expects a considerable sales hit this year because of the coronavirus.

                                                                
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