On Monday, January 27, fears that the deadly coronavirus would spread further around the globe intensified and led to a 1.6% drop in the S&P 500 Index, the biggest one-day drop in the index since October 8, 2019. It was the first time the index had moved 1% in either direction since October 8—spanning 71 trading days— and ended a historically long 30-day streak without back-to-back declines. The eerie calm was bound to end at some point, and the virus outbreak did the trick. Selling pressure then intensified Friday.
