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Market's wild ride evokes memories of trading before Lehman blowup

Two-year US Treasury yields surged 29 basis points as bond prices tanked. The yield jumped 54 basis points since Thursday night, the biggest two-day increase since 2008

All but five stocks in the S&P 500 tumbled, and the benchmark posted a more than 20% loss since its January peak, crossing into a bear market. (Photo: Bloomberg)
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All but five stocks in the S&P 500 tumbled, and the benchmark posted a more than 20% loss since its January peak, crossing into a bear market. (Photo: Bloomberg)

Ye Xie, Isabelle Lee, Amelia Pollard and Peyton Forte | Bloomberg
Quincy Krosby couldn’t wait for Monday’s trading session to be over.
 
“I was glued to the screen,” LPL Financial’s chief equity strategist said in an interview.

It was just one of those days with losses so gigantic that solely looking at stocks wasn’t enough. Her eyes strayed to bonds, to credit default swaps and elsewhere as she tried to figure out how bad things were and might get.

What she saw was ugly. Even by the standards of this volatile year, Monday’s wild ride throughout financial markets stands out. Two-year US Treasury yields surged 29 basis points as bond prices