Would take pandemic to achieve link to volatility: SocGen Bloomberg News/LandovAnja Wolz, emergency coordinator at the Doctors Without Borders clinic in Kailahun, Sierra Leone, helps Joanne Liu, the charity’s president, right, as she puts on goggles and protective clothing.The stock market may or may not be nearing the end of a long bull run, but it probably won’t be the tragic outbreak of Ebola that ends the rally. No doubt, the drumbeat of scary Ebola headlines combined with breathlessly ill-informed political and media bloviating seemed to contribute to the sharp smack stocks received at midweek. But by Friday, markets were bouncing back and even hard-hit airlines and cruise operators were on the mend. The S&P 500 airlines index ended the week up 3.2%, while the broader SPDR S&P Transportation exchange-traded fund XTN, +1.17% rose 3.4%. The Dow Jones Transportation Average DJT, +1.52% helped lead the overall market’s comeback from the Wednesday carnage. No doubt, the Ebola news flow is running hot and heavy, say strategists at Société Générale. They note that their own “pandemic newsflow indicator” has been soaring, along with a jump in volatility as measured by the VIX index VIX, -12.74%also known as Wall Street’s “fear gauge.” They note, however, that there’s no sign of a link between the two moves. While Ebola is now considered an “epidemic,” it would take a full-fledged “pandemic” to establish a link with volatility, they said in a note. John Jares, who helps manage around $945 million in mutual fund assets as assistant vice president of equity investments at USAA, sees a pattern similar to what followed the outbreak of SARS virus a decade ago:. “The impact was sharp in the short term, but then eased as worst-case forecasts failed to materialize,” he said in a note. “We’ve already seen air carriers bounce back strong this week, with the tangible upside of falling fuel prices outweighing the more speculative geopolitical risks posed by the Ebola outbreak.” There’s no question the outbreak fed into a bigger “negative feedback loop,” said Mike Mussio, managing director of FBB Capital Partners, in a phone interview. “It’s pretty clear that nobody likes to see people who were taking care of somebody who was sick get sick themselves,” Mussio said, in reference to the two nurses who contracted Ebola taking care of a Liberian man in Dallas who died from the illness. But while the headlines may have hurt sentiment, it’s difficult to translate the impact into point terms in the stock market. “Three cases is very different from 3,000 cases in the U.S.,” he said. By WILLIAM WATTS REPORTER