Major US indices closed at all-time highs on February 19 as the market largely shrugged off any indication that the coronavirus would impact global financial markets. By February 28, South Korea, Italy and Iran had reported mounting cases of the coronavirus, sparking fears that the spreading virus would affect the global economy. The S&P 500 closed with its worst week since the 2008 financial crisis and markets worldwide were in the red. 

Days later, stocks rebounded sharply on 2 March and the Dow Jones Industrial Average surged 5.1%. The rally proved to be brief as stocks tumbled the very next day following the Federal Reserve’s surprise interest rate cut. In a surprising twist, stocks yet again surged on 4 March as investors warmed to the Fed’s emergency rate cut and reacted to former US Vice President Joe Biden’s key primary victories during Super Tuesday. 

What does this roller coaster of market