NEW YORK (AP) — The vicious swings keep coming for the stock market, and the S&P 500 sank more than 5% in early trading today to erase most of the prior’s day respite.
Markets have been incredibly volatile for weeks as Wall Street and the White House acknowledge an increasing risk of a recession due to the coronavirus outbreak. The typical day this month has seen the stock market swing by 4.9%. Over the last decade, the typical move was just 0.4%.
The selling pressure swept markets around the world. Benchmark U.S. oil fell more than 10% and dropped below $24 per barrel for the first time since 2002. European stock indexes lost 5% following broad losses in Asia. Even prices for longer-term U.S. Treasurys, which are seen as some of the safest possible investments, fell as investors flocked to the very shortest-term Treasury debt.