Coronavirus Sickens the Stock Market

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Coronavirus Sickens the Stock Market

(FinancialHealth.net) – The new coronavirus is still making tens of thousands of people sick around the world. Now, it’s causing the stock market to drop as well.

Currently, 80,419 people have contracted the deadly virus worldwide. Of those, 2,711 have died, and there’s still no cure. The World Health Organization (WHO) is warning leaders to prepare for a pandemic. Officials in the United States are bracing themselves for a shortage of medical supplies.

The world is suffering more than just the health effects of the disease; the global markets are sick too. On Tuesday, the Dow Jones industrial average plummeted by over 1,000 points (3.6%). CBS News explains:

Technology and airline stocks were hit hard as the market reacted to the virus, and European markets had their worst day since 2016.

The health industry isn’t the only one suffering shortages because of Chinese factories shutting down. American manufacturers rely heavily on parts made in China and Italy, another country seeing a spike in cases.

The impact on the markets and manufacturing is a problem for U.S. workers in a number of ways. First, there’s worry that the companies may have to lay off employees because of part shortages. Also, many people have at least some of their retirement invested in the market, and they could lose it.

Right now, unfortunately, we can only guess what’s going to happen next. It’s a waiting game, but we’ll keep you updated.

~Here’s to Your Financial Health!

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