INSUBCONTINENT EXCLUSIVE:
As US financial markets reel from a week of historic swings, industry veterans are drawing on memories from their earliest years on Wall
Street, while younger professionals are looking to lessons from history books.
Following an 11-year bull market, many investors have never
experienced a market selloff as violent as the near 27 per cent slump in the S-P 500 .SPX from its record highs through Thursday, brought on
by fears about the coronavirus pandemic, or Friday's 9 per cent rebound.
Thursday's 10 per cent drop on the Dow Jones Industrial Average
.DJI was its steepest one-day decline since Oct
19, 1987, now known as "Black Monday," when the Dow crashed a record 22.6 per cent.
Clayton Phillips, a 25 year-old financial adviser at
Keenan Financial in Boston, said the recent selloffs marked the first major declines he has seen during his two-and-half years in the
stand the volatility, you will be rewarded over time
19 record high over fears about the coronavirus and its potential damage to the global economy, markets have been besieged by volatility
President Donald Trump declared a national emergency to combat the outbreak, was the biggest one-day percentage gain for the S-P 500 since
28, 2008.
Many Millennials in recent years embraced stocks, anxious to partake in a bull market that started in the aftermath of the 2008
financial crisis and stretched through February
Too young to remember the market traumas of 2008, many use the Robinhood smartphone app offering no-fee trades that can make it attractive
The VIX has been has been at historic lows, they pick their Robinhood stocks and feel like really savvy investors because it keeps going up
since the 2008 financial crisis on Friday after logging its biggest-ever one-day surge in history the day before.
Perry said he advises his
the financial industry was trading commodities at Merrill Lynch in 1978
Now chief market strategist at Newbridge Securities in New York, Selkin said his most vivid Black Monday memories are of traders paying
extremely high prices for derivatives to hedge against even more volatility in the sessions that followed.
That ended up being a bad bet
economy.
The suspension of professional sports games, canceled conventions and half-empty restaurants has raised fears - not about whether