A closely watched measure of turbulence in U.S. stocks, the Cboe Volatility Index, edged down from Monday's high but remained sharply elevated. "We need not just monetary policy but we need fiscal response." In the corporate bond market, investors are demanding far greater returns for holding debt from companies dependent on tourism or travel. "We have no idea whatsoever how this is going to turn out, economically, socially," said Peter Dixon, an economist at Commerzbank. He said valuation multiples for stocks -- meaning measures such as price-to-earnings ratios -- could keep falling toward longer-term historical averages.

Source: Wall Street Journal March 17, 2020 15:45 UTC