With today’s additional decline, the S&P is very close to correction territory— that is, down 10% from its recent high of just three weeks ago. The Nasdaq got there last week.
— Mohamed A. El-Erian (@elerianm) March 11, 2025
The longer this selloff continues, the more economists will worry about “negative wealth effects”… pic.twitter.com/AcI1JXCLLt
Wall Street ends in the red
And finally, Wall Street ended lower today, despite hopes of a peace deal beakthrough between Ukraine and Russia.
The S&P 500 index recovered from its earlier lows, before finishing 42 points down at 5,572 points, a fall of 0.75% today.
The Dow Jones industrial average lost 1.1%, while the Nasdaq closed slightly lower (down just 0.18%).
The mood improved slightly after Ontario’s premier said he had agreed to suspend the Canadian province’s 25% surcharge on exports of electricity to Michigan, New York and Minnesota. Trump subsequently said he was now looking at reducing tariffs on Canada.
Investors were also cheered that Ukraine said it was ready to accept an immediate 30-day ceasefire in the war with Russia.
