In a week that brought the wildest market swings since the financial crisis, yesterday hammered investors with something crazier — a 10% drop in the Dow, the end of the longest bull market on record and the biggest sell-off since 1987’s Black Monday. At the end of the day, the S&P 500 smoldered 27% below records set barely three weeks ago and wiped out all its gains since the end of 2018. The news was even worse overseas: Europe’s Benchmark Index suffered its worst day in history. Brazil’s Ibovespa tumbled as much as 20%, extending this year’s loss to almost 50% in dollar terms. Canada’s main gauge was off more than 12%, its worst day since 1940. President Donald Trump finally offered some attempt at fiscal stimulus, but the measures fell flat. The European Central Bank took a stab by easing capital constraints and boosting liquidity, and losses only deepened. Not even an unprecedented plan for $5 trillion in bond-buying from the Federal Reserve could mollify investors rattled by the growing likelihood that the Coronavirus will plunge the global economy into recession. Ten-year Treasury yields erased declines and inched higher as policy makers’ liquidity pledge recalled the Quantitative Easing used during the financial crisis. Oil and precious metals fell, with Palladium sinking more than 20%. Thursday marked the greatest manifestation yet of how the one-two punch of the Coronavirus and an oil-price war are destroying global growth prospects and fuelling jitters around the world. Now investors are trying to guess at the effectiveness of policy makers’ efforts to limit economic damage, with Trump’s travel ban and tepid fiscal measures failing to impress most observers. Spirits were further damped by new bans on public gatherings in the U.S. and professional Sports Leagues’ move to suspend operations.
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