It Took Just One Week for a $1 Trillion Wipeout in U.S. Stocks
(Bloomberg) -- How bad has the start to December been for U.S. stock investors? Almost $1 trillion has been wiped from the value of stocks in just four days of trading.
The Russell 3000 has plunged 4.9 percent this week as of 3 p.m. Friday in New York, as the six-week rout in American stocks deepened amid concern global growth is slowing and the Trump administration will escalate trade tensions.
Apple’s 5.4 percent plunge lowered its value by $45 billion, while Amazon’s 3 percent slide left it worth $24 billion less than a week ago.
“What the market is doing is repricing stocks, particularly those that have performed extraordinarily well, to a lower growth rate,” Ernie Cecilia, chief investment officer at Bryn Mawr Trust Co., said by phone. “When you’re going through corrections or drawdowns, you get the feeling like they have never happened or that they never will end.”
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