In a shocking start to December, US stocks plummeted in value by about $1 trillion in just four days of trading.
The Russell 3000 in New York took a 4.9-percent plunge as of Friday, as concerns about slowing global growth as well as the ongoing trade war between the US and China deepened a six-week rout in American stocks.
Technology giant Apple lost 5.4 percent of its value, slipping to $45 billion, while Amazon suffered a 3 percent slide that left it worth $24 billion less than what it was a week before, Bloomber reported.
“What the market is doing is repricing stocks, particularly those that have performed extraordinarily well, to a lower growth rate,” Ernie Cecilia, chief investment officer at Bryn Mawr Trust Co., told Bloomberg.
“When you’re going through corrections or drawdowns, you get the feeling like they have never happened or that they never will end,” he said.
This is bad news for investors, who entered December…