Posted on 03/12/2020 6:42:46 AM PDT by Enlightened1
U.S. stocks fell sharply once again on Thursday after an address from President Donald Trump failed to quell concerns over the possible economic slowdown from the coronavirus.
The S&P 500 dropped 7% shortly after the open, triggering a 15-minute “circuit breaker,” which temporarily halts trading at the New York Stock Exchange. The broad index also joined the Dow Jones Industrial Average in bear market territory. The 30-stock Dow slid more than 1,600 points, or 7.%. The Nasdaq Composite dropped 7%.
Before the open, futures contracts tied to the major indexes fell to their so-called limit down thresholds, sliding 5%. These limit down levels act as a as a floor for selling until regular trading begins.
Cruise line shares dropped sharply. Royal Caribbean traded 23% lower while Carnival and Norwegian Cruise Line slid 14% and 20.3%, respectively. Airline shares such as United, Delta and American all fell more than 10%.
On Wednesday, the Dow ended its historic 11-year bull market run by closing in bear-market territory. A bear market marks a 20% decline from all-time highs. The S&P 500 was just shy of that threshold going into Thursday’s trading and was poised to enter bear market territory based on futures losses.
(Excerpt) Read more at cnbc.com ...
With open borders and massive Chinese travel to USA (to buy our houses, and take our jobs And for “birthright citizenship” births by pregnant Chinese women ..) the virus was bound to come to USA. And since it’s basically without significant symptoms for some days before you notice anything much to even be concerned about—- there was no visible medical cause to suspend the Chinese visits
He should not have said that. It is not the flu and it never was.
Maybe he will be.
Maybe instead of him, we’ll have a senile lunatic handling the matter.
I’m not sure what Trump could really do here, because anything he does or does not do will be turned against him.
Our problem is that half the country is just fine with murdering the other half to attain power.
We have serious problems here. This is bad.
Name one world leader other than Trump who stopped flights from China.
WTF! A lot of people are drinking the leftist media koolaid around here.
The futures tail is wagging the market dog once again.
Trump is right on China, but he’s been wrong on the virus. He deserves criticism. Not insane MSM criticism, but it has not been his best work.
Trump never said it was a hoax. He said the Fake News media coverage was a hoax.
Why are you repeating Democrat lies here? Are you a Democrat by chance?
The futures is when the market is closed.
Right now the market is down over 2,000 points.
That is a misleading statement. Your statement is written in a way that asserts that ALL administration officials were fired. They were not.
Please stop spreading fake news.
Yes they are. Reality is this is all hype. It’s not to say there is no virus and that it can’t be deadly but it simply doesn’t warrant this crazy reaction of cancelling every event where people can gather. The President has been making the point that the risk remains low and that message is still true today. He also was being a counter balance against the over hyped media. I’m greatful that he was.
Important note: While the indices are indeed dropping, check out the volume. It is only 1/3rd of normal.
This might indicate that yes, some are dumping stocks, but others are *not* buying them, so the price keeps dropping.
These big sell offs in the market are over-reactions. Panic is not a good way to handle your portfolio. If you own stocks or funds made up of good companies that make good products, provide necessary services and have good dividend histories, hold onto them as these investments will rebound in a reasonable time. If you are not in the market, all this is just background noise. Keep on doing some saving of cash for your future.
The administrative team specifically responsible for pandemic planning and preparation were fired and /or dismissed in 2018. This is a true statement.
The best thing the president could do right now to reassure the American people and the markets, in my humble opinion, is to roll out a massive national testing program, whatever he can do and whatever it takes, bureaucracy be damned. Let’s get an idea of exactly how many people are infected with this virus. Then we can proceed with real containment and kill this virus.
State and local governments should also kick into high gear once the program starts.
But exactly what is it? It’s not the plague either. Whereas some reaction to it seems as though that’s what it is.
“ These big sell offs in the market are over-reactions.
The markets are a discounting mechanism of future profitability ...
This virus and the measures people and governments are taking are reducing future earnings.
Simple as that.
Add to that the falling price of oil, negative interest rates, and a repo crisis, and it is a high wire act until uncertainties are resolved.
Keep your powder dry.
Wrong.
Stock index futures trading starts at 6PM Sunday and ends at 5PM on Friday. There is a 1-hour break Monday-Thursday starting at 5PM before trading resumes (all Eastern Standard time).
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.