International Finance
Economy Markets

Wall Street sees the lowest crash in 6 years

Wall Street
The crash affected markets all over the globe

On Monday, Wall Street faced its worst day in a long time as stock price had a bad fall on a trading day. The Dow Jones Industrial Average index witnessed a fall of nearly 1,600 points.

Although the damage control was done as buyers took over the situation, yet the Dow was 1,175 points low, which is the worst recorded closing point.

After 2011, this was the lowest drop, with amount going as low as 4.6 percent.

The financial, healthcare and industrial sectors were the ones that were the worst affected. Later the significant 11 S&P sectors had a drop of a minimum of 1.7 percent.

Pertaining to the crash, S&P 500 eliminated the probable gains for 2018 and is currently stands down at 0.9 percent for the current year. The Dow is down 1.5 percent for 2018.

But the crash had its toll all over the world. Markets in Asia got into troubled waters on Tuesday as a lot of investors left the stock market. While Nikkei index of Japan showed a drop of 4 percent during Tuesday morning trading, South Korea’s Kospi index was down 2.6 percent. The S&P/ASX 200 went down 3% in Australia.

As per records, the fall in the stock market affected the richest people like Warren Buffett, Mark Zuckerberg and Jeff Bezos, who lost billions in a couple of hours.

The world’s richest man, Jeff Bezos who is the founder and CEO of Amazon, saw his net worth to go down $3.5 billion for the day.

Warren Buffett, the CEO and Chairman of Berkshire Hathaway has net worth that is a lot based on the stock market. With the fall in the stock market, his personal net worth also had a pit fall by $5 billion on Monday.

With Facebook crashing down by 5 percent, its founder Mark Zuckerberg’s net worth also went down by $3 billion during the day.

Among the other leading business pioneers affected by the crash in stock market, are Google co-founders Larry Page and Sergey Brin whose individual net worth fell over $2 billion.

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