https://voxeu.org/article/stock-market-and-economy-insights-covid-19-crisis

University of Michigan - Ann Arbor

This pandemic has affected the Stock Markets much more than the Spanish Flu did. But, not all countries were impacted the same way. The results included:  shareholders no longer seemed troubled by news of the health crisis, and prices rebounded all around the world, stock markets did not react more strongly in countries more susceptible to the pandemic, either due to structural economic fragility or through exposure to transmission vectors, investors were sensitive to the number of COVID-19 cases in neighboring (but mostly wealthy) countries and finally, credit facilities and government guarantees, lower policy interest rates, and lockdown measures mitigated the decline in stock prices. 

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