Last week the Dow Jones Industrial Average lost almost 1,100 points or 4% of its value. On Monday it lost more than that in a day.
At the market close, the Dow had shed 1,175 points, or 4.6%. It was the worst single-day point loss in history, though on a percentage basis—the only thing that counts—it was well below five single-day 7% declines in 2008-2009 and of course the 22.6% one-day plunge during the October 1987 stock market crash.
The S&P 500 also suffered a sharp decline, off more than 100 points, and the Nasdaq Composite index fell more than 270 points on the day. It was a bloody massacre.
So, where do we stand?