The great 2020 coronavirus crash is different as market uncertainty looms

The scariest aspect of the crash is that, for once, it's about something real

The Great Coronavirus Crash has been frightening in its speed and breadth. Stocks have lurched lower worldwide, with brief rallies between the falls, like wounded bulls in a corrida. Through 1 pm on March 18 the S&P 500 index was off 27 per cent for the year to date, Germany’s DAX was down 38 per cent, and Japan’s Nikkei was off 29 per cent. In the credit market, investors have fled junk bonds. Even US Treasury bonds — traditionally a safe harbour in crisis times — have come under pressure, possibly because investors are selling them to cover losses elsewhere.