West Africa outbreak triggers brief domestic panic
The 2014 West African Ebola epidemic infected 28,616 people and killed 11,310. When the first US case was diagnosed in Dallas on September 30, panic spiked. The S&P 500 fell approximately 7.4% from its September 19 peak to the October 15 low, then staged a V-shaped recovery to new all-time highs within three weeks.
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ALAN INTELLIGENCE · alanglobalintelligence.com
ALAN IntelligenceData as of 2026-08-30
Bars: median S&P 500 forward return. Whiskers: 25th-75th percentile. n = 1 occurrences.
Based on 1 historical occurrences. Last triggered: 2014-09-30.
Past performance is not indicative of future results. This material is for informational and educational purposes only and does not constitute investment advice, an offer to buy or sell any security, or a recommendation. Data from publicly available sources believed to be reliable but not guaranteed. All investments involve risk, including possible loss of principal.
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ALAN GLOBAL INTELLIGENCE · alanglobalintelligence.comSource: S&P 500 daily closes · Generated 2026-08-30
Historical occurrencesshowing 1 of 1
Date
1M return
1Y return
5Y return
2014-09-30
+0.5%
-2.6%
+46.4%
What history says
Editorial commentary written by ALAN analysts. Figures cited below are analyst-authored context — they are not derived from the chart above and may reflect different windows or sources.
Pure fear event with a textbook V-recovery
The S&P 500 dropped roughly 7% in under four weeks, then reclaimed the entire decline by early November 2014.
US cases were contained almost immediately
Only four Ebola cases occurred on US soil, with one death. The gap between media hysteria and actual domestic risk was enormous.
Multiple fears stacked — Ebola was the narrative, not the driver
The October 2014 correction also reflected European stagnation, slowing Chinese growth, and collapsing oil prices.
For your portfolio
Fear that outruns domestic economic reality has historically produced V-shaped recoveries, and the 2014 episode reversed within three weeks. When an outbreak narrative dominates, consider auditing what else the market is worried about — that correction also carried European, China, and oil concerns — before crediting the scariest headline.
For information and research only. Not investment advice. ALAN does not place trades or execute orders. Figures come from the sources shown and can lag the market; verify independently before making decisions. Past performance is not predictive of future results.
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ALAN is not a broker-dealer or investment advisor. All data is informational only and does not constitute investment advice. Past performance does not guarantee future results.