<p>White House economic advisor Larry Kudlow said Friday the plunging US stock market is overreacting to the coronavirus outbreak and urged against "panic."</p>.<p>"Given what we know factually, it looks to me like the market has gone too far," Kudlow, director of the White House National Economic Council, told reporters.</p>.<p>"Our threat assessment is low and the economy is fundamentally sound," he said. "I do not think people should panic."</p>.<p>Kudlow spoke as stock markets worldwide saw mass sell-offs, fueled by fears that the outbreak will wreak economic damage far beyond China.</p>.<p>There have been 61 confirmed cases in the United States and health experts warn this could rise. Investors, meanwhile, are already spooked by the disruption to China's all-important economy.</p>.<p>The Dow Jones Industrial Average was down nearly 1,000 points, or 3.8 percent, in trading Friday. The broad-based S&P was also down 3.5 percent and the tech-rich Nasdaq 2.8 percent.</p>.<p>Hong Kong and Shanghai markets ended their week with deep losses.</p>
<p>White House economic advisor Larry Kudlow said Friday the plunging US stock market is overreacting to the coronavirus outbreak and urged against "panic."</p>.<p>"Given what we know factually, it looks to me like the market has gone too far," Kudlow, director of the White House National Economic Council, told reporters.</p>.<p>"Our threat assessment is low and the economy is fundamentally sound," he said. "I do not think people should panic."</p>.<p>Kudlow spoke as stock markets worldwide saw mass sell-offs, fueled by fears that the outbreak will wreak economic damage far beyond China.</p>.<p>There have been 61 confirmed cases in the United States and health experts warn this could rise. Investors, meanwhile, are already spooked by the disruption to China's all-important economy.</p>.<p>The Dow Jones Industrial Average was down nearly 1,000 points, or 3.8 percent, in trading Friday. The broad-based S&P was also down 3.5 percent and the tech-rich Nasdaq 2.8 percent.</p>.<p>Hong Kong and Shanghai markets ended their week with deep losses.</p>