Pandemic fears have wiped out $3.4 trillion from the S&P 500 in just six trading days. And more losses are in store on Friday. US stocks are on pace for their worst week since the 2008 financial crisis.
It took the S&P 500 just six trading days to go from record highs to a correction. That's the fastest such swing in more than 70 years, according to Howard Silverblatt of S&P Dow Jones Indices.Pandemic fears have wiped out $3.4 trillion from the S&P 500 over that span. And more losses are in store on Friday. US stocks are on pace for their worst week since the 2008 financial crisis.
Wall Street is now bracing for weaker corporate profits ahead because of the coronavirus. Goldman Sachs warned that 2020 S&P 500 earnings growth could be wiped out by the damage done to supply chains and demand. That suggests the selling may not be done just yet. RBC Capital Markets said the S&P 500 could tumble to a range of 2,700 points and 2,900 points, equaling a total loss of 14% to 20% from its record highs.
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