Wall Street’s disastrous start to 2016 has caused roughly $1 trillion to vanish from the stock market. The eye-popping losses highlight the deep fears that has gripped financial markets over China’s economic slowdown and crashing oil prices. That one-two punch caused the Dow and S&P 500 to suffer their worst start to a trading year on record last week. The S&P 500’s market valuation has plunged by $1.04 trillion since the end of 2015, according to S&P Dow Jones Indices.
To put that stunning figure in context, it’s like wiping out the combined value of the following tech giants: Google (GOOGL, Tech30) ($508 billion), Facebook (FB, Tech30) ($281 billion), Intel (INTC, Tech30) ($154 billion), Netflix (NFLX, Tech30) ($50 billion) and Yahoo (YHOO, Tech30) ($29 billion). The Dow’s market cap has plunged by $310 billion through Monday’s close, according to S&P Dow Jones Indices. That’s equivalent to ExxonMobil (XOM) ($309.5 billion) being erased from the index. FULL REPORT