TL;DR - “Confidence will return, markets will start to function again and life will go on. Invest carefully but, above all, stay safe.”
The ways the stock markets have been reacting to the Coronavirus are kind of incredible (frankly you would expect it to go much lower).
As Howard Marks, co-founder of Oaktree Capital Management, puts it:
“We’re only down 15% from the all-time high of Feb. 19. It seems to me the world is more than 15% screwed up.”
This article is giving a good context for the US stock market: