2020年美国股市熔断：原因与前景

Abstract:The US stock market faced 4 times of melt-down during 8 consecutive trading days in March 2020，which never happen before. The triggers of melt-down included the fast contagion of COVID-19 and the fast drop of oil price. The deep reasons were some new structural characteristics of US stock market，which included the persistent and large scale buy-back of stock shares，the surging of passive investment such as ETF，and the new trading strategies focus on volatility of hedge funds. Considering the weak economic fundamentals，the high stock market valuation，the marginal contraction of US monetary policy，and the surging of economic and political uncertainties，the US stock market will continue to face high volatility in the future，and the probability of another market melt-down will be rather high.

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