Year in Review: The Biggest Financial Headlines of 2016
From Brexit to the Wells Fargo scandal, these business stories defined 2016.
By John Divine| Us World News & Report Staff Writer
The year 2016 did not want for financial news. A comprehensive accounting of the business stories that broke over the last 12 months could fill a book – but since most people would rather move on with their lives and see what 2017 has in store, a brief recap is probably more appropriate.
With that said, here's a quick glance at the top financial headlines of 2016.
The stock market got off to its worst two-week start ever. Stoked by concerns over China's slowing economy and its depreciating currency, Wall Street began 2016 in a bona fide death spiral; major indices took about a 10 percent haircut in the first two weeks of trading, setting a record.
"There's no question the IPO market is softer," says Jonathan Gertler, CEO and managing partner of Back Bay Life Science Advisors. "There's volatility in our economy. There was an exuberant market that drove valuations exceedingly high," specifically in the biotech industry.
"There's also a lot of uncertainty right now in the world," he says. Uncertainty, as a rule, is never good for stocks. Especially not high-risk stocks, such as newly public companies...click below to read the full article.