Fears about the continued spread of the coronavirus rolled the equity market to negative yesterday, erasing the year to date gains across the board.

U.S. equities broadly posted more gains last week with the S&P 500 and Nasdaq Composite closing at new all-time highs amid strong corporate earnings results, despite continued increases in the number of coronavirus cases in China.

Despite concerns of the global economic blowback from the coronavirus outbreak, U.S. equity markets rallied back last week to post their best weekly returns since June of last year as corporate earnings results and U.S. job growth exceeded expectations and China announced plans to slash tariffs, providing a boost to investor sentiment.

U.S. equity markets slid down further last week as the spreading coronavirus outbreak heightened concerns about a disruption to global economic growth.

Global equity markets stumbled last week amid concerns of an outbreak of the coronavirus that originated in the Chinese city of Wuhan and has been found in several cases internationally, including three confirmed cases in the United States.