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https://www.marketwatch.com/story/this-brutal-stock-market-rout-mirrors-the-
1987-crash-in-1-important-way-2018-12-21
As the Dow Jones Industrial Average confronts its ugliest December loss
since 1931, the time of the Great Depression, there is another notable way
to put the severity of this persistent bout of losses into historical
context.
If current conditions hold, it would mark the worst average daily moves for
the Dow DJIA, -2.91% the S&P 500 index SPX, -2.71% and the Russell 2000
index RUT, -1.95% since October of 1987, according to Dow Jones Market Data
.
In market lore, October of 1987 is a period that remains infamous. On Oct.
19, the Dow sank 22.6% in a single session, marking its steepest percentage
drop ever, with trading during that period under pressure all month until
the final crash.
There’s a similar downtrend that is taking hold in December, despite the
seasonal tendency for that month to enjoy a pre-Christmas updraft, typically
known as a Santa rally, with institutional investors finding the month a
good time to buy looking ahead to the new year.
Here’s how the December moves have shaped up:
The S&P 500 has had an average daily move of negative 0.80%
The Dow has had average daily move of negative 0.78, as of 2:30 p.m. ET
trade Friday
The Russell 2000 index has had an average daily move of negative 1.05%
For those equity benchmarks, that is the worst performance since that
dreaded month more than 30 years ago, based on market levels at 2:30 p.m.
Eastern Time.
The Nasdaq Composite Index COMP, -2.21% which was set to close in a bear
market, widely defined as a drop of at least 20% from a recent peak, has
seen an average move of 0.8%, on track for its worst daily moves in a month
since September of 2001. |
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