Dow falls 1,191 points -- the most in history

Discussion in 'Politics' started by JoeNation, Feb 27, 2020.

  1. JoeNation
    Angelic

    JoeNation FOX Lies, GOP buys!

    Now in typical fashion, ReTrumpicans will take credit all day for the rise in the stock market but blame the Democrats for any and all drops in the stock market,....with straight faces. You have to marvel at the self-delusion and genuine hypocrisy of the entire dynamic.

    New York (CNN Business)US stocks again sold off sharply on Thursday as worries about coronavirus mounted. The S&P 500 posted its worst day since August 18, 2011, and the three main indexes fell into correction territory. Stocks are on track for their worst week since the financial crisis.

    The Dow (INDU) dropped 1,191 points, or 4.4% in its worst one-day point drop in history. The index has fallen more than 10% below its most-recent peak, putting it in correction.

    The S&P 500 (SPX) closed down 4.4% and finished the day below the 3,000 point mark. The index is also in correction territory.

    The Nasdaq Composite (COMP) ended down 4.6%, more than 10% below its latest peak.

    All three indexes are on track for their worst week since the fall of 2008, the midst of the financial crisis.
    In the United Kingdom, the FTSE 100 (UKX) also fell into correction territory Thursday. This is the market's first correction since December 2018.

    Stocks still aren't all that close to a bear market, which is defined as 20% or more below the most recent peak. The S&P 500 is 12% below its peak.

    Global equities have been selling off around the world all week as investors fret about the spread of the virus. In the United States, stocks spent all of Thursday in the red, despite a short-lived rebound around midday during which the S&P and the Nasdaq briefly emerged from correction.

    "The game has changed with the Italy and also with the new case in California," said Keith Buchanan, portfolio manager at GLOBALT Investments, in reference to the latest coronavirus cases.

    That said, investors would do well to remember that a "10% pullback after the kind of run US equities have been having is not the worst scenario," Buchanan said.

    Still, safe haven investments like bonds are up on Thursday and the 10-year US Treasury yield fell to a new all-time below 1.28%. Bond yields and prices move in opposition to each other.
    In the energy space, US oil prices fell yet again as investors worries about a drop in demand. US oil futures settled down 3.4% at $47.09 a barrel.

    Worries about the coronavirus outbreak mounted this week, with the US Centers for Disease Control and Prevention saying it expects cases in the United States to rise. The virus has now infected more than 82,000 people worldwide, with the vast majority of cases in China.

    Corporations continue to warn that they won't meet their first quarter earnings targets. Microsoft (MSFT) announced that late Wednesday. Goldman Sachs (GS) said in a report Thursday that it now thinks US companies will generate zero earnings in 2020.

    "What's even more disconcerting is that the news headlines haven't been all that bad yet," said Paul Hickey of Bespoke Investment Group. "Right now, it's the fear of what could happen that's driving the markets rather than what is actually happening."

    Indeed, the US economy is thought to be relatively more resilient against the effects of the virus as it is not as reliant on trade as its peers. The second reading of fourth quarter GDP left growth unchanged at 2.1%.
     
    CoinBlazer likes this.
  2. Mopar Dude

    Mopar Dude Active Member

    Yeah, I hate to see it. And no I do not blame the drop on the left. It is a correction in tandem with fears of this new virus. Still though I hate to see it. Those that have the money will tighten their hold and sadly the ripple will be felt by all us working folks..... Funny that last week I received a warning from one of my manufacturers telling me the steel they import from China is expected to slow ultimately creating a delay in manufacturing of our orders...... But no, those of us grounded in conservative principals will not be blaming this on the left.
     
  3. JoeNation
    Angelic

    JoeNation FOX Lies, GOP buys!

    Hey MD. No, I can't see you involved in this type of delusional hypocrisy because you have to stay on top of your business concerns. Self-delusion tends to end where sane business decisions begin or you go out of business quickly.

    Now @JohnHamilton doesn't have those concerns so he has all day to delude himself and takes full advantage of his excess time to do so. Well, that and calling people names and saying off the wall crap takes a bit of his time too but mostly he just sits in a puddle of his own willful ignorance and partisanship. o_O
     
  4. JohnHamilton
    Pensive

    JohnHamilton Active Member

    YOU are one to talk.

    The only reason why you are after me is because I have exposed you lies and shown you to be a fraud and a bully. Your kind pose a lethal threat to the well being of this country. All you want to do tear this country apart so that you can impose your politics on everyone else. You dream of the authoritarian state. The sad truth is you and your allies like, AOC and the Squad, have no clue as to how you would run it except with police power.
     
  5. JoeNation
    Angelic

    JoeNation FOX Lies, GOP buys!

    And the delusions continue unabated.
     
  6. JoeNation
    Angelic

    JoeNation FOX Lies, GOP buys!

    But she loves you too.

     
  7. JohnHamilton
    Pensive

    JohnHamilton Active Member

    And the Dow was up almost 1,300 today.

    The market overacted in the first place.
     
  8. JoeNation
    Angelic

    JoeNation FOX Lies, GOP buys!

    And down 2,000 today.
     
  9. JohnHamilton
    Pensive

    JohnHamilton Active Member

    And I know that makes you very happy, Joe. You seem to thrive on the misery of others, especially when they don’t agree with your political positions.

    If you have a 401k or are thinking about collecting from pension, it's a false sense of happiness.

    These Wall Street market players remind of me of the idiots who started bank runs in the 1930s. Their actions move their imagined fears into reality.

    What are you going to do with the money you get from selling stock? “Invest” it T-bills or bank accounts that pay 0% interest? Are you going to buy gold, which many people have viewed as over priced for months?

    Holding your own is not easy these days. You have just got to sit tight, like it was in 2008.
     
    Last edited: Mar 9, 2020
  10. JoeNation
    Angelic

    JoeNation FOX Lies, GOP buys!

    As long as we're telling people what they think, you can't even pull yourself out of Trump apologist mode long enough to feel for those people that are getting slaughtered by the market instability I WILL credit Donald trump for creating. Like MD said, people have confidence in their president or they don't and the economy reflects that confidence. The inept handling of this crisis is fueling the markets. Deal with it.

    I haven't been in the market for years now. Not long after Trump stole the election with Russia's help, I took a look at all the things Trump has touched in his life and they all withered and died as he walked away with everything he could grab. I bought gold in the low 1,300's and I am doing pretty well right now. I am too close to retirement to ride out another Republican market crash so I acted and it paid off. When the markets hit rock bottom, I will throw everything back into the market and hopefully Trump will be nowhere in sight by that point. But don't fret, I'm sure Trump will blame Obama and you'll fall for it. You always do.

    If you are thinking about following my strategy, it's too late. The options you mentioned are your only choice at this point. Ouch!

    Bush.jpg
     
    Last edited: Mar 10, 2020
  11. JohnHamilton
    Pensive

    JohnHamilton Active Member

    You never give up do you? Yea, Hillary Clinton was the paragon of virtue who sold influence to those who would kick into the Clinton Foundation. You only show that you are a poor loser and totally gullible when you make statements like that.

    When you are a Hillary Clinton supporter, you have not room to criticize Trump on matters of ethics and competence.

    $1,300 is too high in the long run. You would do well to sell it now and take your gains. The fact that lower grade $20 gold coins are selling for less than melt tells you something. I have been buying gold since 1965 and still have a few pieces from that time.

    So who is your guy, Joe? Bernie the communist or poor old Joe who can barely speak in full sentances? Your party is giving us a pathetic alternative if you don't care for Trump.
     
  12. JoeNation
    Angelic

    JoeNation FOX Lies, GOP buys!

    I would vote for a potted plant over Trump and you should too.
     
  13. JohnHamilton
    Pensive

    JohnHamilton Active Member

    Unlike you, I am not dumb enough to to vote for Biden, who might resemble a potted plant in four years. I watched it happen to my mother.
     
  14. JoeNation
    Angelic

    JoeNation FOX Lies, GOP buys!

    I guess the fact that you support Trump means that I don't actually have to stoop to calling you dumb. You raised your hand, jumped up and down, screamed look over here, and yelled pick me, pick me, pick me...
     
  15. toughcoins

    toughcoins Well-Known Member

    That's good, because you're going to have no other choice.
     
    Mopar Dude likes this.
  16. JohnHamilton
    Pensive

    JohnHamilton Active Member

    Yes, like all of the Democrat presidential candidates who raised their hands when asked if they would give free health care to illegal aliens. That’s really dumb, but what do you expect from the modern Socialist Democrat Party?

    You can’t afford to give free health care to the world, but like Bernie and Elizabeth, the two candidates who most closely match your views, simple math like that is beyond your mental capacity.
     
  17. JohnHamilton
    Pensive

    JohnHamilton Active Member

    Maybe Joe met that he would vote for pot over Trump. That I can understand.
     
  18. JoeNation
    Angelic

    JoeNation FOX Lies, GOP buys!

    So Einstein, you WANT an underclass population of farm workers carrying God knows what kind of diseases from farms to your tables? That isn't unsurprising of anyone from the GOP. Short-sighted to the point you cut your own noses off to spite your faces.

    I've lived in other countries and they provided health care at next to no charge. It was great. Exaggeration and hyperbole is your only argument. Kind of pathetic.
     
  19. JoeNation
    Angelic

    JoeNation FOX Lies, GOP buys!

    Were you just triggered by a homograph. That really speaks to the depth of your intellect.
     
  20. Mopar Dude

    Mopar Dude Active Member

    I had to look that one up. I always appreciate when I can add a new word to my vocabulary that makes me appear to be educated... Prepare for a complete thread derail.

    When I joined this forum, I did it specifically to try to learn why such a chasm exists in our nation these days. We are in an upside down world where even good deeds are touted as dangerous only because they are proposed by "the other side". There have been more jabs thrown in this thread than a heavyweight championship fight and I simply have to ask... Why?? ...... In my office I work with ultra educated architects, condescending designers and all in between all the way down to sweaty, gruff, plain speaking construction guys. No, I don't particularly "like" them all. But we all work together to accomplish what we are here to do. I can disagree with an architects woefully inferior design without bashing him. If I bash him then what did I gain? Absolutely nothing. Why the heck can't we simply do the same for the betterment of our nation?

    The solution is simple. Just as simple as it was for me three years ago. I was dissatisfied with the previous administration for purely economic reasons. I cast my vote November three years ago and did something about it. Instead of viscerally bashing everything about our elected leaders, simply vote to change it in November. Until then, we do what we can and try to work together to accomplish something worthwhile. As long as well all keep our boxing gloves on, be assured that the next generation is taking note. How bout we rise above it and set the example for them?
     
    JoeNation likes this.

Share This Page