THE CORONAVIRUS is prompting people to behave irrationally. They’re hoarding food, toilet paper and other goods. They’re risking their health—and that of those they know—by failing to limit their physical contact with others.
This irrationality has spilled over into the stock market. More than 30% of the U.S. market’s total value has been wiped out. It’s hard to argue that this is justified. The businesses represented by these stocks may be hit with short-term disruptions and a temporary reduction in profits.
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