BSE Sensex suffered a 1,275-point
As the stock market fell on Monday, the White House said the fundamentals of the US economy are strong. US economic growth was running at a 2.6 annualised rate in the fourth quarter last year and the unemployment rate is at a 17-year low of 4.1 per cent.
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With Monday's declines, the S&P500 erased its gains for 2018 and is now down 0.9 per cent in 2018. The Dow is down 1.5 per cent for the year.
At one point, the Dow fell 6.3 per cent or 1,597 points, the biggest one-day points loss ever. Even with the sharp declines, stocks finished above their lows touched during the session.
The question now for investors, who have ridden a nearly nine-year bull run, is whether this is the long-awaited pullback that paves the way for stocks to again keep rising after finding some value, or the start of a decline that leads to a bear market.
"A lot of people who have been in this market for the past three or four years have never seen this before," said Dennis Dick, a proprietary trader at Bright Trading LLC in Las Vegas. "The psychology of the market changed today.
"A lot of people who have been in this market for the past three or four years have never seen this before," said Dennis Dick, a proprietary trader at Bright Trading LLC in Las Vegas. "The psychology of the market changed today.
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