Bank stocks are in free fall after a massive sell-off in the financial markets, leaving the country’s financial system in shambles.
The market’s rally has wiped out nearly $1.2 trillion of market value, leaving billions of dollars in the pockets of the middle class and businesses, the Wall Street Journal reported Friday.
The massive selloff began Friday morning, when the Nasdaq fell more than 20 percent.
As of 3:30 p.m.
ET, the Nas was down more than 14 percent.
The Dow Jones Industrial Average is down more to 8,400.
The S&P 500 is down 1.3 percent to 2,813.
The Nas is down 0.2 percent to 17,087.
The NASDAQ has lost nearly 1,500 points since Jan. 1, 2017, according to data from the Financial Industry Regulatory Authority.
It has lost more than 1,700 points in 2017.
The Dow is down about 14 percent since then.
The Nas is up 2.8 percent in 2018, according, but has lost about 1 percent in 2017, the WSJ reported.
The NASDAQ is up 1.6 percent in 2016, but lost more in 2017 than it has since then, the Journal reported.
The S&s is up 0.4 percent in 2019, but it has lost 1.1 percent in each of the past three years.
The WSJ said the Nas has lost 0.5 percent this year.
The Wall Street CrashThe financial market is the most important economic driver of the American economy, with annualized gross domestic product of more than $1 trillion.
It is also the largest source of the Federal Reserve’s funds to prop up the economy.