S&P 500 fights its way back as”the most-spectacular personal loss of wealth in history” reverberates

Stocks keep watch on the Archegos headlines

Mike Novogratz is out saying that the Bill Hwang blowup might be the most-spectacular personal loss of wealth in history with $20B in liquid net worth destroyed.

A big block trade of Rocket Mortgage was one of the latest moves but by the time it was reported, it was above the market price. It’s not clear if all the exposure has been wound down.

In any case, the S&P 500 is now up 3 points to 3977 after trading as low as 3943.

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