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 wish I had money to invest. Things are now really underpriced. I’m just worried about what this might do for the election, but then, at this point God is in charge.
Thank you for keeping me from having to post numbers again. We have boarded the train to crazytown. This is the most insane thing I have witessed in my adult life.
Why don’t they just close it for a few days? Didn’t they do that after 911? This is severely adding to the panic. It’s not like 50 million people have died worldwide.
Retirements, businesses, jobs, it’s all being destroyed.
Make no mistake they are striking back.
Well that was dumb. He needs better advisors. I’m sure someone brought the idea and said how great it would be...
We will know that this virus panic is being orchestrated by the Left to bring the President down if Wall St. loses all the gains made in the Dow Jones average since Election Day 2016. The Dow was 18,339, and the day after the election it went up 250 points to 18,339, a surprise to Paul Krugman who had predicted a crash if Trump won.
The President’s great advantage has been his robust economy and stock market. They are trying to destroy him, and the people be damned. They used to jail people for stock manipulation.
I’m one of those businesses. I’m very worried about my employees. How long can I pay them if nothing is coming in? It’s not like they can just go find a job somewhere else. I’m OK, I have plenty of reserves in stocks I’ve put away my whole life. Oh, forget that.
We’re all screwed. The media did the equivalent of yelling fire in a crowded movie house. They need to pay. Money, jail, ........
Empire State index down record -21.5
Please, #It’sFluKooKs, stop with all this deep state conspiracy talk. A better plan to take down DJT would have been voter fraud. All they had to do is modestly change the votes in 3 or 4 states and he’d be finished as far as the electoral college. Safe, sure and not a soul would have raised an eyebrow, especially Republicans.
No, it was actually 8 seconds. I timed it!
They cut from 1.25 a point to.25... too much because it fed the panic. Powell is floundering.
The “virus panic “ got a huge boost when President Trump declared a national emergency and he invoked the Stafford Act which is what is used when there is a hurricane, earthquake, food, tornado, fire or other major disaster.
The markets are reacting to the economy being effectively shut down by a national emergency coronavirus crisis.
The president badgered the Fed to do it and was extremely happy in the briefing yesterday that they had just done it.
Please, for the love of Mike, there is no way to determine a mortality rate if the numbers coming out of China & Iran are 100% BS. And as far as America goes, according to the CDC, only 4,069 have been tested as of today.
This could be another Black Monday...20% is possible.
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Indeed it is. Stocks are inherently risky. Periodic drops, sometimes big ones, are inevitable. This drop will flush a lot of people out of the market for a long time.
Most “investors” do not appreciate the systemic and market risks they face and have no awareness of valuation metrics. They just buy in the hope of rising prices.
If investing was easy and risk free everyone would be rich.
not a soul would have raised an eyebrow, especially Republicans.
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That is for sure. Republicans never push back on anything. They are a soulless party that is weak, unprincipled and devoid of any convictions.
Right now I don't think it's fear of the virus that's driving things, it's the fear of the response to the virus.
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