The S&P/ASX 200 index fell 3.6% on Wednesday, closing more than 20% below its Feb. 20 record. The benchmark tumbled after the Trump administration didn’t unveil its stimulus plans as promised. Banks contributed the most to the gauge’s move.
SYDNEY: Australian stocks crashed into a bear market just 14 trading days after hitting a record high, amid angst over the Covid-19 coronavirus and a historic slump in oil prices.
The S&P/ASX 200 index fell 3.6% on Wednesday, closing more than 20% below its Feb. 20 record. The benchmark tumbled after the Trump administration didn’t unveil its stimulus plans as promised. Banks contributed the most to the gauge’s move.
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