The $289 Billion Wipeout That Blindsided U.S. Bulls
- Almost $300 billion erased in sixth-worst start since 1927
- About 150 points restored to the Dow in the last 30 minutes
Global Equities in 2016: What to Expect
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As losses snowballed in U.S. stocks around midday, the best thing U.S. bulls had to say about the worst start to a year since 2001 was that there are 248 more trading days to make it up.
“My entire screen is blood red -- there’s nothing good to talk about,” Phil Orlando, who helps oversee $360 billion as chief equity market strategist at Federated Investors Inc., said around noon in New York, as losses in the Dow Jones Industrial Average approached 500 points. “On days like today you need to take a step back, take a deep breath and let the rubble fall.”