Stocks close out worst quarter since 2008

by Jordyn Pair · Mar 31st, 2020 4:10 pm
2

Last Updated Mar 31st, 2020 at 4:30 pm

U.S. stocks closed out on Tuesday in the worst quarter since 2008 in a stunning crash amid the coronavirus pandemic.

The S&P 500 finished down 1.6% at 2584.59 points, a 20% loss for the quarter — its largest quarterly drop since 2008. The Dow Jones Industrial average fell 1.8% to 21917.16, losing 23% in the biggest drop since 1987. The Nasdaq Composite dropped 1% to 7700.10, a quarterly drop of 14%

"We're really in unprecedented territory," said Shawn Snyder, head of investment strategy at Citi Personal Wealth Management. "There's still a huge amount of uncertainty right now. Is this a V-shaped recovery, or is this something that lingers and lasts longer than we thought?"

Energy companies were among the worst-hit groups, with Exxon Mobil and Chevron dropping 46% and 40%, respectively. Oil prices also finished with their worst quarter ever.

Bank stocks also saw a loss, with Goldman Sachs and JPMorgan Chase both down more than 30% for the year.


Comments

There are 2 comments on this article.

You must become a subscriber or login to view or post comments on this article.