While I don't think the selloff is over, the bull case for American equities (I assume you are talking about U.S. stock market) is still quite strong:

- Emerging markets, Japan, and Euro also being hit by the virus. Where else will capital flow?

- International bond markets selling off as credit risks rise removes bonds as the traditional flight to safety (US Gov Bonds being the notable exception).

- Strong US dollar vs. other world currencies gives international capital extra safety when parked in U.S. stocks.

- Large-cap U.S. equities such as those in the S&P 500 can generally weather short-term liquidity shocks like this, and if anything they will grow by absorbing the market share of failing small businesses.