A Market Meltdown in Charts: From Record Rout to Dollar Drought
- Funding stress emerges; S&P 500’s worst day since Black Monday
- Even gold slumps as sell-off turns disorderly; Bitcoin tumbles
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Blame the increasing toll of the coronavirus pandemic or policy failure from Europe to America. Either way, the global market meltdown is morphing into something quite scary.
The S&P 500 just posted the worst day since 1987. In Europe, somehow, it was worse -- stocks posted their biggest decline on record. In money markets, demand for dollars was such that stresses started to grow. Gold, a haven asset since time immemorial, plunged along with everything else. Even Bitcoin -- the supposed digital port in a storm -- cratered.