The share market is bungee jumping right now. The S&P/ASX 200 Index (ASX: XJO) is now up 2% at the time of writing after being down over 8% earlier. What a huge swing.
Investors were trying to get out at whatever price they could this morning. It's amazing how investor sentiment can change in just a day.
When times were normal a month ago people were willing to buy at expensive prices. But during this coronavirus outbreak people are panicking and selling at much lower prices.
Thankfully I managed to get my investing order in earlier after my share broker's system finally started working again.
What's happening around the world today
According to reporting by the Australian Financial Review, the Reserve Bank of Australia (RBA) has pumped $8.8 billion into commercial banks to help stop a serious breakdown in global credit markets after foreign hedge funds dumped Australian government bonds.
Canada's Prime Minister's wife has a confirmed case of coronavirus, causing her and the Canadian PM to go into isolation.
The Australian Formula One Grand Prix has been called off after fears of spreading the infection through the crowds with a team member of one of the racing outfits confirmed to have COVID-19.
The Flight Centre Travel Group Ltd (ASX: FLT) share price has rebounded from today's earlier lows when it said it would be closing 100 stores. It's still down 5.6%, but it's better than it was.
Foolish takeaway
The ASX 200 has been falling hard recently. But like a bungee jump, we could see a sharp recovery of the share market at some point over the next 12 months, like we saw today, when investors think the worst is over.
