COVID-19 looking more like a pandemic

Markets fell last week, with the S&P 500 falling 1.3 percent after two consecutive weeks of gains.

The spread of the COVID-19 epidemic from China to the rest of the world was a driver of the falls as the outbreak looks increasingly like a pandemic.

As of Sunday, there were 602 cases in South Korea, the most outside China. In response, the country has been put on its highest alert level for the disease.

Iran has reported 28 cases, including 5 deaths, and cases with links to Iran have already turned up in Canada and Lebanon.

Outside Asia, Italy has the largest number of cases at 132, with two deaths.

“When several countries have widespread transmission, then spillover to other countries is inevitable,” said Anthony Fauci, head of the National Institute of Allergy and Infectious Diseases.

“I don’t think the answer is shutting down the world to stop this virus. It’s already out,” said Michael Osterholm, director of the University of Minnesota’s Center for Infectious Disease Research and Policy. “I think we have to expect there are going to be many locations around the world that will experience what China is experiencing.”