Asset markets have reacted violently to the spread of the coronavirus. The S&P 500 peaked at 3,386 on Feb. 19, 2020 and closed at 2,400 as of Mar. 20, 2020, a decline of nearly 30%, well into bear market territory. The five-year chart below puts this into context. For the period Jan 1, 2015 to Mar 20, 2020, the S&P had minimum and maximum levels of 1,864 and 3,386, reached on Feb. 8, 2016 and Feb. 19, 2020, respectively. The range of 1,522 points on the S&P over this period means that the current level is below the middle of the range (2nd quartile of the 5-year range).