March 9, 2020

Mar 09 23:03 2020 Print This Article

So, the New York Times sums up the day:

Stocks in the United States on Monday suffered their worst single-day decline in more than a decade, as the coronavirus and an oil price war fueled concerns about the state of the global economy.

The S&P 500 fell 7.6 percent on Monday, falling so swiftly in early trading that trading was briefly halted early in the day — a rare occurrence meant to prevent stocks from crashing. The Dow Jones industrial average fell 2,000 points, or 7.8 percent.

The S&P index ended the day 19 percent below the peak it reached last month. A decline of 20 percent from that high would be seen as marking the end of the bull market that began exactly 11 years ago.

The drop was the worst for stocks in the United States since December 2008, when the country was still reeling from the collapse of Lehman Brothers and the housing crisis that dragged the economy into a recession.

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PrefBlog

PrefBlog is presented as a public service by Hymas Investment Management Inc., Manager / Trustee of Malachite Aggressive Preferred Fundand publisher of PrefLetter, a monthly newsletter directed towards long term buy-and-hold retail investors. James Hymas, president of Hymas Investment Management Inc, with years of experience designing quantitative investment technology and applying this technology to conservative portfolios, seeks to provide institutions and retail investors with the information and advice necessary to produce top quartile returns in the preferred share market without the assumption of excess risk.

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