What was the reason for the big global crash on 24 February and will the markets bounce back from here?

The Dow crashed by 1031 points, the NASDAQ and most of the other European markets also fell by over 4% on Monday. It was a virtual Black Monday for world markets. The Dow Jones Index corrected by over 1,000 points with the Dow and the NASDAQ down over 3%. German DAX was down by over 4% while the Italian markets were down by close to 6% on Monday. Even Korean markets corrected by more than 4% on Monday. The trigger for the fall was clearly the rapid spread of the Coronavirus. With the death toll rising to 2700 and over 80,000 people world over infected by the virus, the IMF has already warned that global growth could take a real hit as an outcome of the virus pandemic. The panic was evident with the global price of gold getting close to $1700/oz on Monday.

It was a reaction to the rising cases of Corona virus and it's impact on trade with China. Things will look up, but it can be a bit of time before things stabilize.