The US stock market has now wiped out the entire $11.5 trillion of value it gained since Trump's 2016 election victory
The stock market initially soared after Trump's 2016 win. Investors bet on the unorthodox president to slash regulations, boost the US manufacturing industry, and push economically beneficial foreign policy. The administration's 2017 tax cuts further fueled the bull market's run-up by cutting corporate taxes and opening the door to massive stock buyback programs.
The rapid escalation of the coronavirus, coupled with a new oil-market conflict between Russia and Saudi Arabia, swiftly negated the years of gains. Oil saw its worst day since 1991 on Monday when the global commodity battle drove a 32% price drop. The decline dragged on stocks enough for the market to post its worst single-day plunge since 2008.
Even after the Fed's trillion-dollar liquidity injection lifted risk assets Thursday afternoon, stocks are on pace to close down nearly 9%. The market has never seen such . With government responses failing to bring investors much hope, the trend of heightened volatility and rotation into safe havens is holding strong.
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