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Friday, June 5, 2020
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Stocks swoon

Pounded by the coronavirus, U.S. stocks have given up most of their gains made since President Donald Trump took office in January 2017, and other global markets are at their lowest levels in up to a decade. Stocks, a growing part of retirement savings for Americans and others around the world, are swinging wildly as losses mount for airlines, retailers and other industries. As of Friday, Wall Street’s S&P 500 index was down 25% from its Feb. 19 peak and back to its October 2017 level. At its lowest on March 16, the

benchmark had lost all its gains made since two weeks into Trump’s term. London’s main index is down 28% since January and back at its June 2010 level. Tokyo has sunk 19% to a three-year low. China’s key index is off 11% since January. But after big losses in a 2015 market collapse, it is down 35% from five years ago. U.S. bear markets have lasted 14 months on average since World War II. But stocks never had a shock like this. Traders expect more volatility until numbers of new cases decline.