WASHINGTON (Reuters) - Senior officials in President Donald Trump's administration on Sunday tried to calm market panic that the coronavirus could cause a global recession, saying the U.S. public had over-reacted and that stocks would rebound due to the American economy's underlying strength.
The S&P 500 index tumbled 11.5% last week as the virus accelerated beyond China's borders, the worst weekly drop since the 2008 global financial crisis. Roughly $4 trillion has been wiped off the value of U.S. stocks.
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