Stocks post worst quarter since 2008 financial crisis

The first quarter of 2020 ended with a whimper - with the Dow Jones Industrial Average, S&P 500 and Nasdaq posting their worst quarter in decades - as the COVID-19 pandemic continues to cause uncertainty and volatility across all major stock market indices.

At the beginning of the quarter, we were still basking in a decade-long bull market. The global pandemic, and the economic havoc it caused, put an end to those halcyon days. All major American indices dropped into bear-market territory March 12, after shedding the requisite 20% from recent highs.

The roller coaster continued, with equities bumping along the bottom, periodically popping up, only to fall again as the epicenter of the pandemic shifted from China to Europe and now the United States. The number of cases in the U.S. has prompted states to issue stay at home orders, putting the brakes on business as usual. As a result, unemployment benefits have skyrocketed. Last week alone, around 3.3 million Americans filed for unemployment benefits, dwarfing numbers set during the 2008-era economic meltdown.

The economic stimulus bill, known as the CARES Act, along with a series of actions taken by the Federal Reserve, have provided some lift. But the volatility continues. For the quarter, Dow Jones is down 24.08%, while the S&P is down 20.67% and Nasdaq is off 15.3%.

Here's the breakdown of what happened today:

• Dow Jones Industrial Average: declined 1.85%, or 413.11 to 21,914.37
• S&P 500: slid 1.61%, or 42.18, to 2,584.47
• Nasdaq Composite: fell 0.95%, or 74.05, to 7,700.10

All sectors were down today, with the exception of the energy sector, which saw a lift after being battered for weeks. Meanwhile, investors have fled equities for treasuries, pushing yields down. Case in point: U.S. 10-year yields are down 64% in the first quarter.

SaaS shares fell more than most tech equity in today's trading, with the Bessemer cloud index off a little over 2.5%. The index, which tracks a basket of SaaS and cloud shares, is off around 20% from its recent highs. Shares of modern software companies are therefore still technically in a bear market, though just. If recent gains hold, the index will have made up around 10% of its lost ground since recent lows.

Wrapping on cryptocurrencies as we close the book on the quarter, bitcoin posted a net loss for the period. It's worth just over $6,400 as we write this post.

What a quarter. What a quarter of surprises and turmoil and cut expectations and downgraded hope. Here's to a better Q2, if we can manage.