Stocks Suffered Worst Quarter Since 2008 as COVID-19 Pandemic Spread Globally
Longest-running bull market has come to an end. The Russell 3000 Index slid 20.9% during the first quarter, its worst since fourth quarter 2008, as the COVID-19 pandemic halted a significant portion of the US economy and ended the longest-running bull market ever. The move from the February 19 all-time high for stocks to the start of the bear market (based on a 20% decline in the broad averages based on closing prices) was the fastest ever at 19 days. The rally off the March 23 lows—which reflected severely oversold conditions—through quarter-end totaled 16% on bold stimulus measures and signs of COVID-19 case stabilization.
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