The U.S. market was in freefall over the past week as news reported that the spread of the coronavirus had finally contacted the West. The epidemic has now reached the U.S., Canada, and Europe. Outside of China and South Korea, Italy has been the hardest hit with 1,128 cases and 29 deaths as of writing.

From Monday, 24 February, to Friday, 28 February, the S&P 500 shed 383 points, a drop of 11.5% in the span of just five days – its worst weekly drop since the financial crisis in 2008. If you’re in a panic right now, it’s important to remember that market crashes happen all the time. If you take a look at the chart above (click to enlarge), the S&P 500 has gone through six major crashes since 1950 and many more minor ones sprinkled in between: