If this lasts longer than a month or so it's going to have very deep long term effects economically.
On the other hand, if after a few weeks we get an "all clear" or the media moves on to the next weekly national distraction and people start to live their normal lives again then and forget about this, then I'd say we'll all be doing pretty well by the end of the year again. Not as good as before this hit, the market was at an all time high, but not nearly as bad as 08 or other previous downturns.