John Authers, Columnist

Don't Mistake This Stocks Selloff for a Panic

Investors are responding in a calm and orderly fashion to changing news on the coronavirus.

February 26, 2020 at 5:01 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

No one knows how bad the economic damage from the coronavirus will be.
Photographer: Qilai Shen/Bloomberg

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The U.S. stock market has sold off more than 7% over the last five trading days. This marks only the fourth time it has done so since the bull market got going in earnest after the debt ceiling crisis in 2011. After each of the three previous selloffs there was an immediate rebound.