Summary:
- The U.S. stock market has lost over $5 trillion in value in just three weeks, as investors have grown increasingly concerned about the economic impact of the COVID-19 pandemic.
- The S&P 500 index has fallen by around 20% from its all-time high set in mid-February, putting it in bear market territory.
- The rapid market decline has been driven by fears of a potential recession, as the outbreak disrupts global supply chains and forces many businesses to shut down or scale back operations.