A brutal bout of selling wiped billions of dollars from profitless growth companies, IPO stocks and SPACs
Retail dip-buyers, whose willingness to stand firm amid turmoil has helped power the S&P 500 to a 21% gain in 2021, are nursing some of their worst wounds of the year as losses pile up in speculative corners.
A hawkish turn from the Federal Reserve and the omicron variant have erased more than 10% off the market value of cryptocurrencies, $50 billion from newly public companies and 14% from a basket of meme stocks.
Bloomberg 5 December 2021
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