After losing a record 1,175 points on Monday, the Dow tumbled 1,033 points more yesterday. It landed in a correction, a 10% decline from previous highs.
The market turmoil follows a prolonged period of booming stock prices with virtually no sharp declines. Such a rapid rise is unusual, and market analysts long warned that a pullback was overdue.
Today was another topsy turvy day on Wall Street. The Dow had jumped more than 300 points at open. But then it gave back those gains and more.
At 1:15 pm, it was down 371 points.
Meaning? Meaning we are on pace for this to be the worst week in the stock market since the 2008 financial crisis. Take a look at the one year chart:
UPDATE: Bit of a rebound this afternoon. Dow closed up today….
… but still down 5% on the week and below where it was at the beginning of the year.