Mellody Hobson
speaker
121 appearances
1 recordings
1 series
first heard Dec 2020
last heard Dec 2020
Mellody Hobson’s voice in public audio — every appearance, attributed to the second.
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Appearances
The Dow Jones hit 50 all-time highs this year.
50 during a pandemic.
This is not something you expect.
This is during a time when some companies have no revenues because they've literally had to shut down their businesses.
Thanks for having me.
Well, we had this forced closure of global economies, including the U.S.
The date doomsday was March 13th.
Everything shut down on that date.
And at that point, the stock market started to drop like a lead balloon.
We saw the S&P 500 fall 20% just in the bat of an eye.
Smaller companies went down 30%.
We had the biggest drop in the stock market from a bull to a bear market, the fastest one in US history.
It happened in just 20 days.
Now to put that into some context, the bear market that occurred during the financial crisis back in 2008 took 19 months.
So 20 days, the market went from a bull market to a bear market.
The turnaround has really been driven by the fact that the stock market anticipates the future.
And starting in not too shortly after this dramatic drop, starting in April, the stock market starts to see beyond the wreckage, the panic, the indiscriminate selling, and start to look towards a post-
vaccine economy.
And as that started to heat up, more and more conversations about a vaccine coming, the market has gotten richer and richer over time.
And we've seen this remarkable recovery.
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