"The rapid spread of the novel coronavirus spurred a dramatic market sell-off in 2020’s first quarter. Indeed, the drop was the sharpest from a market crest in recent history, beating out the 1987 downturn that included Black Monday for the dubious honor. Though markets staged a late rally, the MSCI All Country World Index ex USA tumbled 23.4% for the quarter. Developed-markets equities held up slightly better than their emerging counterparts, as the MSCI EAFE Index’s 22.8% drop was less than the MSCI Emerging Markets Index’s 23.6%."
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