The S&P 500 pulls off its quickest correction since the Great Depression
slipped through the week to post its fastest correction since the Great Depression as fears of a coronavirus-driven recession tore into markets around the world.
The key index notched its biggest single-day drop since 2011 on Thursday after plunging 4.4%. The S&P 500 index wiped out its year-to-date gains after its Monday and Tuesday slumps and now sits 9% below where it closed December 31. The index's rapid downturn has also pushed the S&P 500 to 12% below its February 19 high. A market correction is officially defined as a 10% drop from an index's peak, leading the S&P 500 to easily surpass the bleak threshold. The six days of consecutive declines established the correction as the index's fastest since July 1933, when the S&P 500 plummeted 13.
The index's steep declines pushed investors out of equities and into traditionally defensive assets. Treasury yields hit several record-lows, while gold gained early in the week before a modest slump. Those betting on prolonged chaos in US equities also profited, as Cboe'sDespite the broad market downtrend through the end of the month, a small group of stocks is surging on hopes they can combat the outbreak.
as investors bet on the small biotech firms to offer the first preventative vaccines and treatments for coronavirus.
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