The US stock market has now wiped out the entire $11.5 trillion of value it gained since Trump’s 2016 election victory
Thursday’s massive sell-off has erased any remaining stock market gains made since President Trump’s 2016 election win.
US stocks are down more than 8% Thursday afternoon as coronavirus risks build and investors fear near-term recession. The total market cap of the US equities market, as measured by the Russell 3000 index, has declined by $11.5 trillion from its February 19 peak to $23.8 trillion as of Thursday morning.
The current market cap is roughly equal to the size of the stock market when Donald Trump emerged victorious in the 2016 election. The Trump administration repeatedly downplayed the virus and its risks when outsized stock selling began in late February, with top economic adviser Larry Kudlow even saying the outbreak was contained on February 25.