U.S. stocks were at record levels just last week, seemingly unaffected by fears that the coronavirus could dent the global economy. Then reality took hold.
When the S&P 500 closed at a record on Feb. 19, American stocks seemed untouched by the anxiety around the coronavirus epidemic that had already rattled investors in other markets, including bonds, commodities and some foreign shares.
Nine days later, an unnerving reality has set in. The S&P 500 has just suffered its fastest-ever 10% decline from an all-time high. The Dow Jones Industrial Average is headed for its worst week since the start of the 2008 global financial crisis. Shares of manufacturers, banks and utilities...
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