Posted on 03/16/2020 6:41:56 AM PDT by Enlightened1
Stocks fell sharply on Monday even after the Federal Reserve embarked on a massive monetary stimulus campaign to curb slower economic growth amid the coronavirus outbreak.
The S&P 500 dropped 8.14% shortly after the open, triggering a “circuit breaker” trading halt that will last for 15 minutes. The Dow Jones Industrial Average fell 9.7%, or 2,250 points. The Nasdaq Composite slid 6.1%.
Before the open, futures contracts tied to the major averages hit their “limit down” levels, meaning they could not trade below that threshold. Those limits are imposed by the CME Group to maintain orderly market behavior.
While the central bank’s actions may help ease the functioning of markets, many investors said they would ultimately want to see coronavirus cases peaking and falling in the U.S. before it was safe to take on risk and buy equities again.
“The Fed blasted its monetary bazooka for sure,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. “This better work because I don’t know what they have left and no amount of money raining from the sky will cure this virus. Only time and medicine will.”
(Excerpt) Read more at cnbc.com ...
I predict -25%.
We are shutting down about half the economy for about two months and those working are at home or down staff who are forced to stay home with the kids because the schools are closed. YES, that will negatively effect the economy. However, we are very close to an over reaction from the market at these levels.
Closes for longer than that. I’m thinking 2 weeks.
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said the outbreak will get worse and warned the U.S. must take serious mitigation efforts.
Closes the rest of the day at 20%
Make no mistake the Deep State fed the panic, and with the help of their political and media puppets stoking it, they’re tanking the economy.
it’s not about the virus. it’s about the debt.
They’ve shut the country down. What do you expect?
I’m in Ohio, people are working from home, they’ve shut down bars, restaurants, and entertainment venues.
No economic activity = cratered economy.
Why would the Fed panic over the weekend? There was at least a modicum of confidence going into the weekend. They could have simply signaled the willingness to be supportive. But no... they went to zero. Is it any surprise that markets are panicked this morning? It’s almost like the Deep State said, “People aren’t concerned enough. What can we do?”
The machines seem to be keeping below 10%.
It’s all machines.
Remember September 2008?
4.06% March 8 (22 deaths of 541 cases)
3.69% March 9 (26 of 704)
3.01% March 10 (30 of 994)
2.95% March 11 (38 of 1,295)
2.52% March 12 (42 of 1,695)
2.27% March 13 (49 of 2,247)
1.93% March 14 (57 of 2,954)
1.84% March 15 (68 of 3,680)
4.06% March 8 (22 deaths of 541 cases)
3.69% March 9 (26 of 704)
3.01% March 10 (30 of 994)
2.95% March 11 (38 of 1,295)
2.52% March 12 (42 of 1,695)
2.27% March 13 (49 of 2,247)
1.93% March 14 (57 of 2,954)
1.84% March 15 (68 of 3,680)
“Dr. Anthony Fauci, ... said the outbreak will get worse and warned the U.S. must take serious mitigation efforts.”
What else is he going to say? Fomenting panic is how he gets maximum face time on TV. If the sheeple get calm and reasonable, what’s in it for him?
The Deep State shills at the CDC will be cooking the numbers of people being infected. They got to keep this fear game working as long as they can.
As the number of cases has expanded, the mortality rate has declined.
It will likely decline even further if and when those without symptoms can be diagnosed and counted.
Exactly!
The president badgered the Fed to do so and expressed happiness over and over at yesterday’s briefing once they had.
Darn! Went to check CNBC and my cable is out.
Now I have to start hoarding WiFi.
Or, maybe change the batteries in the remote...
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