economic experts look back with a new perspective on “Black Monday,” and the last 12 months of record-setting ups and downs.
Twice that week, on March 9 and again on March 12, trading had been halted for 15 minutes after the S&P 500 plunged 7 percent — tripping circuit breakers implemented after stocks plunged by more than 22 percent on the original “Black Monday” of 1987 that would halt trading if a crash seemed imminent.“Especially in our line of work, it was a weekend defined by incredible anxiety,” said David Bahnsen, chief investment officer at The Bahnsen Group.
Investing pros said they were flying blind. No comparison — not 2008, not 1987 — could capture the magnitude of what was unfolding in real time. “It felt reminiscent of 2008… but there was a life-or-death health component to it,” said Keith Buchanan, senior portfolio manager at Globalt Investments. “The world was shutting down. There was no playbook.”
Two days later, on March 18, rapidly accelerating losses prompted another halt in trading. The bottom would come a week later on March 23, when the Dow closed a fraction below 18,592 and the S&P closed just above 2237. Four days later, President Donald Trump signed the $2.
“They didn't send out checks because there were a couple thousand people sick. They sent out checks because the market was telling them, ‘We’ve got a big problem,’” Buchanan said. “In the moment, nobody expected the stock market to have a banner year,” said Mitchell Goldberg, president of ClientFirst Strategy. “What I did not expect is that the pandemic would go on for an entire year.”
𝗖𝗼𝗿𝗼𝗻𝗮 𝘃𝗶𝗿𝘂𝘀 𝗵𝗮𝘀 𝗺𝗮𝗱𝗲 𝗺𝗲 𝗹𝗼𝗼𝘀𝗲 𝗺𝘆 𝗷𝗼𝗯, 𝗯𝘂𝘁 𝗶 𝗺𝗮𝗸𝗲 $5,000 𝘄𝗶𝘁𝗵 𝗮 𝗹𝗶𝘁𝘁𝗹𝗲 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗼𝗳 $500 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝘁𝗵𝗲 𝗵𝗲𝗹𝗽 marvelousArthur 𝘄𝗶𝘁𝗵 𝗯𝗶𝘁𝗰𝗼𝗶𝗻 𝗶𝗻 7𝗱𝗮𝘆𝘀
It's a false narrative that the economy had any Uo in 2020. The US economy lost more jobs than since the Great depression, millions have left the workforce entirely. The only ones who made money were the wealthy and connected.