$3 trillion wiped out from global stocks this week due to coronavirus outbreak

With Coronavirus still spreading like wildfire, Global stock continued to fall on Thursday with the value dropping by over $3 trillion this week alone amid coronavirus outbreak. US Treasury yields witnessed record drop as the virus spread more in other countries than China, where it originated. Stocks in Europe plunged, while Dow Jones lost over 1,900 points in the past two days and NASDAQ dropped 8.9%.

The Dow industrials posted the largest-ever points drop on Thursday as Wall Street led stocks across the globe lower, with traders fretting over the economic impact of the spreading coronavirus. Oil prices tumbled to their lowest in over a year and the benchmark U.S. Treasury yield set a record low.

No country should make the “fatal mistake” of assuming it will be spared by the coronavirus, the World Health Organization said, as governments from Iran to Australia shut schools, cancelled big events and stocked up on medical supplies in a race to contain the rapid global spread. On Wall Street, the S&P 500 posted its largest percentage drop since August 2011 as rising numbers of new infections outside China raised fears of a pandemic with unknown economic implications.

“The path of this scourge is unknown therefore you can’t know the economic impact. You can roll the dice but it’s a guess,” said Brian Battle, Director of Trading at Performance Trust Capital Partners in Chicago.