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U.S. Stocks Sink in Worst Day Since Black Monday: Markets Wrap

March 13, 2020 / Claire Ballentine, Vildana Hajric and Sarah Poncze
SHARESHARESHARE

In a week that brought the wildest market swings since the financial crisis, Thursday 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 ...