Dow Drops 2,014 Points – Biggest Plunge Since 2008

Dow Drops 2,014 Points – Biggest Plunge Since 2008
(graphic via NY Times)

The Dow closed down more than 2,000 points today marking the worst point decline ever, and the worst percentage decline since December 2008.

So. Much. Winning.

From the Washington Post:

The stock markets suffered stunning declines Monday — with the Dow Jones industrial average losing 2014 points — as the threat of a coronavirus-fueled oil war and ongoing panic about the spreading disease grew and triggered a rare forced halt to trading early in the session.

The Dow Jones industrial average cratered 7.8 percent to close at 23,851. The S&P 500, a broader measure of stocks, shed 7.6 percent by the close and the tech-heavy Nasdaq tumbled 7.3 percent.

The New York Stock Exchange tripped the so-called “circuit breaker” at a time of relentless volatility for global markets, which have been battered for weeks as the coronavirus outbreak continues to unfold. The forced 15-minute break initially appeared to have a stabilizing effect, but selling resumed before the end of the regular trading.

The oil industry had a terrible day as ten oil producers were the worst-performing stocks in the S&P 500 thanks, in part, to the ongoing price war between Russia and Saudi Arabia. Oil prices fell 30 percent marking the biggest slide since 1991.

By the way, remember: there’s a tweet for everything:

Dow Drops 2,014 Points – Biggest Plunge Since 2008

Donald Trump, who has taken ALL the credit for the stock market’s performance for the past three years, was predictably defensive on Twitter. Live by the market, die by the market.