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This is bad

Trillions of dollars in market value were erased on Thursday — $4.7 trillion, to be exact, per S&P Dow Jones Indices — after several global exchanges suffered their steepest fall since the Black Monday crash of 1987.

It has been worse. The roughly 10 percent drop in U.S. indexes yesterday was only half as bad as the daily drop on Oct. 19, 1987. Feel better? Didn’t think so.

The S&P 500 is back to where it was in January 2019. Other markets have retrenched even further. Here’s the last time we saw markets trade at the depths of Thursday’s close:

🇺🇸 S&P 500: January 2019

🇨🇦 S&P/TSX Composite: February 2016

🇬🇧 FTSE 100: November 2011

🇩🇪 DAX: February 2016

🇫🇷 CAC 40: June 2016

🇮🇹 FTSE/MIB: November 2012

🇯🇵 Nikkei 225: November 2016

Much of the gains made since President Trump took office have evaporated. His approval rating tends to move in line with the markets, an association that he often encourages. In mid-February, the S&P 500 was up nearly 60 percent since the 2016 election and 50 percent higher than the day of Mr. Trump’s inauguration. Now, the index is 16 percent higher than Election Day and 9 percent above inauguration levels. (His approval rating is around 42 percent.)