Bill Ackman Killed The Stock Market

You might have thought the ongoing coronavirus scare was responsible for yesterday’s 1,300-point Dow drop—the sixth four-figure decline in the index during the pandemic and one that all but put us back into the Obama administration, but in a bad way. You might have reasonably assumed that some combination of fear, the growing number of infected and dead, or delayed or inept responses to the crisis were behind traders’ skittishness. But you’d be wrong.

It’s all Bill Ackman’s fault, according to Stephanie Ruhle.

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