[The Street] A disastrous month of March is what Charles Schwab has just experienced.
In the Westlake, Texas-based financial company, the month that just ended can be considered a real disaster.
An avalanche of bad news fell on the firm. The stock fell 33% between Feb. 28 and March 31. At the end of February, Charles Schwab's shares were trading at around $77.92. A month later, the price fell to $52.38.
The difference translates to more than $47 billion in market capitalization wiped out in just one month.
According to Bloomberg News, this is Charles Schwab's worst month since the October 1987 stock market crash, known as Black Monday. That day, the Dow Jones index lost 508 points, a decline of 22.6% and the largest daily decline in a stock market index at the time. Only the drop by 76% of the Icelandic stock market in 2008 would exceed this record. |