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Stocks head toward worst quarter since 2008

U.S. stocks slumped Tuesday, on pace for their worst quarter since the depths of the financial crisis amid the coronavirus pandemic. 

The Standard and Poor’s 500 fell 0.5%. Heading into Tuesday, the broad index is off nearly 19% this quarter, on track for its worst such period since 2008 and its biggest first-quarter drop since 1938.

The Dow Jones industrial average dropped 75 points. The blue-chip average has shed nearly 22% in the first three months of the year, on track for its worst first quarter ever.

Tuesday’s losses cut into recent gains after the number of American coronavirus deaths surged past 3,100. A worrying increase in the number of Spanish deaths linked to the virus also weighed on market sentiment again. 

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