Posted on 03/09/2020 10:06:26 AM PDT by SeekAndFind
President Trump tried to calm Americans' fears on Monday by tweeting that his coronavirus task force is hard at work to protect us from the virus outbreak. The U.S. now has over 500 confirmed cases, and 22 deaths related to the disease. Vice President Mike Pence, who is leading the task force, has been meeting with health officials to assess the government's next steps, and the Centers for Disease Control and Prevention has announced bans on all non-essential travel to China, Italy, Iran, and South Korea as governments try to contain the outbreak.
The BEST decision made was the toughest of them all - which saved many lives. Our VERY early decision to stop travel to and from certain parts of the world!— Donald J. Trump (@realDonaldTrump) March 9, 2020
Great job being done by the @VP and the CoronaVirus Task Force. Thank you!— Donald J. Trump (@realDonaldTrump) March 9, 2020
While Trump provided those messages, the Dow plummeted nearly 1,900 points on Monday, and trading was halted for 15 minutes, the first time that's happened since 2008. Of course, there were those who blamed Trump for the mess. But as plenty of other experts noted, the stock market plunge had little to do with the president, and everything to do with Saudi Arabia and Russia's oil fight.
Saudi Arabia on Saturday slashed official crude selling prices for April, in a sudden U-turn from previous attempts to support the oil market as the coronavirus hammers global demand. The move came after OPEC talks collapsed Friday, prompting some strategists to see oil prices crater to $20 per barrel this year.
“Crude has become a bigger problem for markets than the coronavirus,” Adam Crisafulli, founder of Vital Knowledge, said Sunday. “It will be virtually impossible for the [S&P 500] to sustainably bounce if Brent continues to crater,” he added.
Absolutely pathetic how many people are celebrating this to own Trump.
This has nothing to do with Trump and everything to do with Saudi Arabia’s price war over oil. https://t.co/j3ngKFIwyq— Caleb Hull (@CalebJHull) March 9, 2020
President Trump tweeted a similar message in defense:
Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop!— Donald J. Trump (@realDonaldTrump) March 9, 2020
Right, so the energy sector takes a hit - I get that. But cheap energy should be better for the economy as a whole...I’m still skeptical that it would cause the markets to crash.
Could it be that after three years of expansion there is a perception that we are overdue for a “correction”, and investors don’t want to be caught flat-footed, so they are sitting their with their finger hovering over the sell button?
I have no idea why an oil war between SA and Russia is bad, other than maybe it becomes military.
Oil crashing, to me, is awesome. Any time the base feed stock of every single economic process falls, that’s going to be great for profits.
how many Americans have been killed by illegal aliens during the same period? I’m betting it is far more than 22.
Perhaps it is you or we who do not understand Trump. Trump succeeds as president when he is himself, first and foremost. Being himself is what got him elected; it is what has made his first term in office successful for America and himself; and it is what will get him re-elected. Like you and me, Trump is free to exoress himself, unconstrained by previous presidential or political norms.
Exactly.
“because they need oil prices to remain at certain levels to hit the Wall Street profit and revenue targets.”
That’s not true. If the price per barrel is too low, they will quit drilling because the costs to drill is more than the revenues. Now that we are exporting that is really bad for our economy. Big loss of jobs too.
I know and 75% of it is good and correct. I guess just like Andrew Jackson, you get a great stateman, but got to take his mean SOB side as all part of the parcel.
It actually is true. Chevron in recent years has stated in multiple earnings reports that it missed revenue and profit targets in times of below optimal (for them as a producer) crude oil prices
In other earnings reports on other occasions, both Chevron and Exxon stated they were more likely — and in fact were more likely — to make the earnings targets in times of higher crude prices.
So they do prefer higher prices for what they produce and sell. Is there a company that *prefers* to sell its goods and services for *lower* prices and profits?
If you think people control the markets -“lemmings” jumping in and out-you do not know the market today. You’re stuck in the past. 90% of all trades are done by computer algorithms controlled by the big banks -not little guys with pennies. But it’s cute you think that.
No, I have no such illusion despite your attempt to make it seem that way
Well acquainted with automated trading and the way people play it up or down and the trades are timed based on trends etc as people are too slow to react as computers do
I just do not play in that swamp
So your post falls flat as usual
But it bothers me not one bit, I just consider the source
Good analogy. And without Andrew Jackson, we would likely have Texas admitted to the union as a state when it was admitted...would have taken longer. Well done.
In character I always thought DJT was like AJ. Some what policy wise as well, although things are way different now, but AJ did have to fight the banking establishment.
LOL.
After hours today:
AMD 44.51 +1.24 (2.87%)
NVIDIA 253.26 +7.82 (3.19%)
Netflix 355.67 +9.18 (2.65%)
Microsoft 155.40 +4.78 (3.17%)
Apple 273.70 +7.53 (2.83%)
Amazon 1,841.00 +40.39 (2.24%)
etc etc
It looks like the market (Hope!) will be up tomorrow.
Question is will it continue?
No worries!
Regarding financial results, the only thing better than profits is greater profits
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