Roaring U.S. markets hit by virus fears

The major stock market indexes all dropped on news of the coronavirus. One reason is the effect on the GDP in China. In 2003, the SARS virus outbreak kicked down China’s GDP from 11.1 percent in the first quarter to 9.1 percent by the second quarter.

Compared to death rates from the flu that routinely total in the tens of thousands, the SARS outbreak in 2003 caused 774 deaths. But the SARS outbreak removed billions of dollars from the world economy, some say up to $100 billion.

The coronavirus hit China hard right at Lunar New Year, a time of travel and spending.

Stocks that took the greatest hits had a lot to do with travel: Cruise lines, airlines, hotels, travel planning and restaurants.