Posted on 04/17/2015 9:13:28 AM PDT by John W
NEW YORK (TheStreet) -- U.S. stocks cratered on Friday, caught up in a global selloff triggered by changes in Chinese market regulation.
A series of poor earnings from the likes of American Express and Advanced Micro Devices also hurt stocks and prompted worries over first-quarter performance for companies in the S&P 500.
Wall Street grew nervous on reports Chinese regulators will crack down on over-the-counter margin trading and regulations that allow fund managers to lend shares for short-selling. Global markets sold off on the reports on the view tighter regulation would limit the recent influx of money into China's Shanghai Composite and Hong Kong's Hang Seng.
(Excerpt) Read more at thestreet.com ...
This is BS. Yes, AXP screwed the pooch and lost its “walk on water” status after the Costco debacle. Otherwise earnings are decent.
Nothing in terms of “turmoil” has changed between y’day and today. The market is lower because Chinese authorities raised margin requirements. And US authorities have followed suit. Nice huh? Tail? Dog? The loss of easy money will take some air out of markets under *any* conditions.
What Costco debacle?
Never mind. I just read it. I LIVE by my costco Amex card. Looks like there are changes in the wind for me.
You mean it’s just a convenient excuse for profit-taking. Remember, the stock market level is so high that losing 300-400 points today (4/17/2015) on the DJIA has just about no effect on the overall economy. This wasn’t that week in August 2011, when the over 300 point up and down per day in the DJIA had much more significant impact on the economy (and everyone felt like they just rode one of the big roller coasters at Cedar Point Amusement Park in Sandusky, OH at the end of that week).
Yes, “deep in the red” and “cratered” are really hyperbole given the real numbers.
It’s interesting to see GE doing fine today. GE is the #1 stock of choice for Congress people.
GE is popular because they’re so involved in all aspects of the energy business that regardless of if we need more wind and solar power or even 4th-generation nuclear power, GE has the technology to perfect it and produce it on a large scale. After all, GE has been involved in electric power generation right from the beginning of widespread use of electricity at the end of the 19th Century.
It’s already been announced: Costco will switch to the Capitol One MasterCard in the middle of 2016.
It’s already been announced: Costco will switch to the Capitol One MasterCard in the middle of 2016.
Oh. That’s after the Harbinger, so no worries.
The great news is we can go to one card. Anyone who uses AmEx knows you have to also carry a visa or MC of find yourself stuck sometimes.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.