First detected in China in December 2019, the coronavirus (COVID-19) has spread to at least 48 countries around the globe. With cases multiplying in countries like South Korea, Italy and Iran, governments are taking precautions, with Japan closing schools for at least a month. On Wednesday the Brazilian government confirmed the first case of the virus in South America. According to the country’s Health Ministry, the 61 year-old Brazilian man who tested positive for coronavirus spent two weeks in northern Italy on a work trip. On Friday morning, Mexico’s Undersecretary of Health, Hugo Lopez-Gatell Ramírez confirmed Mexico’s first case of the virus, with the patient also returning from a trip in northern Italy.
As the virus continues to spread, with more possible cases being detected in the United States—and despite President Donald Trump’s optimism—its effects can be felt in Wall Street. Global markets were down for the sixth consecutive day on Thursday, with the S&P down more than 10 percent. The benchmark index also fell 4.4. percent, the worst single-day decrease since August 2011. With these figures, the stock market is on course to have its worst weekly performance since the 2008 financial crisis.
