Dow Average Suffers Worst Quarter Since 1987: Markets Wrap
- S&P 500 sees worst three months since last financial crisis
- West Texas oil rebounds to above $20 a barrel; gold declines
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U.S. stocks sank, bulging the Dow Jones Industrial Average’s loss in the quarter to a level not seen since 1987 as the pandemic almost certainly plunged the American economy into recession.
The blue-chip index tumbled 23% in the three months, closing the session with a 1.8% drop. The S&P 500 fared little better, even after a furious, weeklong 17% rally that halted Tuesday. The Nasdaq 100 fell least among major indexes, as dip-buyers targeted the cash-rich tech megacaps that make up its core. The Russell 2000 plunged 31% in the quarter, the most in data going back to 1979.