The stock market has not been in bear market territory since the financial crisis, but the bull market officially ended thanks to Trump and the coronavirus.
According to The Wall Street Journal:
The Dow Jones Industrial Average tumbled 1,465 points, or 5.9%, to 23553. That put it in a bear market—a decline of at least 20% from its recent high, set Feb. 12. The index needed to close below 23641.136 to end the current bull market, an extraordinary run of stock gains that began in 2009.
The S&P 500 fell 4.6% to 2741 and the Nasdaq Composite lost 4.7%. The S&P needed to close below 2708.92 to enter a bear market.
The plunge in oil prices also pushed the market into bear territory, but the big factor has been the instability and the failed response of the Trump administration to the coronavirus.
The virus isn’t going to magically vanish in April as Trump claims. The administration still has no plan. Coronavirus testing kits have not been widely distributed and each day it looks more likely that the US will soon be facing a pandemic while being led by a president who is more interested in saving the stock market than saving American lives.
Trump has been on a mission as president to undo the legacy of Barack Obama, and today he succeeded by wiping all of the stock market growth from the Obama years.
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