As Markets Sank and Soared, a New Fear Spread Across Wall Street
Even by the standards of Wall Street’s long history, it was a brutal week to trade.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
When the Trump post hit — the real one, not the hoax — and the S&P 500 vaulted 7% in eight minutes Wednesday, Ed Al-Hussainy stepped away from his desk in Manhattan. The algos had taken over at that point, and the buy orders were pouring in at such a furious clip across all markets that “there was nothing to do.”
So he strolled over to the corner Walgreens, grabbed an 18-pack of beer — Modelo, to be precise, famous export of Mexico — and handed them out to his colleagues at Columbia Threadneedle to enjoy as they watched the frenzy. “For us,” Al-Hussainy said, “it was really a moment of calm.”