Thursday will mark five years since a “modern plague” in the form of the coronavirus caused global stock markets to crash. Back then, just like now, many investors feared the worst.
Until February 20, 2020, reports of a new, potentially fatal illness in China had been largely ignored by Western investors. But when Europeans began to fall ill, the FTSE 100 index of Britain’s biggest shares and the Standard & Poor’s 500, a broad measure of the American market, both fell sharply.
By the time the brutal sell-off bottomed at the end of the following month, both indices had lost nearly a third of their value.
The global economy went into lockdown, with many businesses closed and millions of people urged to stay at home.
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