U.S. stocks poised for biggest two-day wipeout in history as market loses $9.6 trillion since Inauguration Day [View all]
Source: Marketwatch
U.S. stocks have wiped out roughly $9.6 trillion in value since Jan. 17, the Friday before President Donald Trump took the oath of office and began his second term, according to data from Dow Jones Market Data.
Some $5 trillion of that figure has occurred on Thursday and Friday alone, what would be the largest two-day wipeout of shareholder value on record, Dow Jones data showed.
…snip …
Ahead of the weekend, fears were focused on a trade-war escalation, where “the U.S. doesn’t back down,” said Jay Woods, chief market strategist at Freedom Capital markets, in comments shared with MarketWatch via email. “If we are to punch back, you could have damaging effects to not only the tech sector, but the economy overall. This could throw us into a recession and could end the bull market as we know it.”
Most major U.S. equity indexes haven’t seen such a rough start to a new presidential term since the beginning of George W. Bush’s tenure as president in 2001. Back then, stocks were caught up in a punishing bear market as the dot-com bubble deflated. A bear market is typically defined as a drop of 20% or more from a recent high.
Read more: https://archive.ph/tS9X6
= new reply since forum marked as read