Background and Market Impact
On January 4, 2020, the World Health Organization (WHO) issued its first public statement about what would later become known around the world as COVID-19, saying, “China has reported to WHO a cluster of pneumonia cases—with no deaths—in Wuhan, Hubei Province.” Over the course of the next few months, information slowly started to trickle out about this illness. At first, the stock market shrugged off the news. On January 31, 2020, when we still knew very little about COVID-19, the United States suspended entry for most individuals who were present in mainland China in the previous 14 days. The S&P 500 continued to rise to a new all-time high on February 19, 2020. The stock ...
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