Posted on 02/25/2020 10:30:18 AM PST by BradtotheBone
Stocks continued their rout on Tuesday as diving bond yields raised more concern that the global economy is slowing significantly because of the spreading coronavirus. The 10-year Treasury yield hit a record low as the Dow Jones Industrial Average added to Monday’s 1,000-point drop. The Dow traded as much as 550 points lower, or 1.9%, hitting session lows as health officials gave new warnings about the possibility of a greater coronavirus spread in the U.S. The S&P 500 slid 1.3% while the Nasdaq Composite fell 1.1%. The Dow gained at the open Tuesday before the selling returned. At one point the average was up more than 180 points. Monday’s session was the market’s worst in two years.
These declines put the Dow and S&P 500 more than 6% below the record highs reached earlier this month. The Nasdaq is trading 7.5% below its all-time high from Feb. 19. Technology stocks such Apple and Facebook have also fallen into correction territory, down more than 10% from all-time highs hit just last month.
“I understand the inclination to buy on the dip. I understand that the path of least resistance in this market is to bounce up ... but I stress, this is different,” Mohamed El-Erian, chief economic advisor at Allianz and former Pimco CEO, told CNBC’s “Squawk Box.” Stocks fell as Centers for Disease Control and Prevention (CDC) officials briefed the U.S. on how to get ready if the coronavirus outbreak worsens domestically. “We are asking the American public to work with us to prepare in the expectation that this could be bad,” Dr. Nancy Messonnier, a top official at CDC, told reporters on a conference call.
(Excerpt) Read more at cnbc.com ...
Ping me when it drops 6k. Then I’m back in!
how odd
This is what the Dems are rooting for, they are BEGGING for this virus to come to America, cause a huge outbreak, so they can blame Trump
as soon as everyone stops panicing, everything will be fine.
Why? It’s a cause and effect item...not poor economic measures by the President.
Dems: “Bodies! Give us more bodies!”
“Why? It’s a cause and effect item...not poor economic measures by the President.”
Agreed - but do you really think the Dems and MSM will spin it as cause and effect?
“Why? It’s a cause and effect item...not poor economic measures by the President.”
I agree, but the media and left in this country are grabbing at anything to take down this administration. Add in the Bernie bums and you get the perception fires burning very bright.
Oh, for Pete’s sake.
Has anyone seen a detailed analysis of what’s going on in the market?
Cuz without seeing it, I’d say that there’s also a decent chance persons unknown are screwing with the market and using the coronavirus scare to provide cover.
If it’s the latter, I don’t they will dare do it for long because public pensions funds could start circling the bowl.
Dollar to a doughnut he's wrong and the market will recoup these losses in less than a month.
Prima facie evidence deep state aholes found an angle to tank the market in hopes it affects the economic numbers come election time.
Won’t work.
Buy the dip.
Get educated. Listen to Dr. Judy Mikovits:
Glad I panic last week...... Now it is time to sit back and wait for the bottom.
The economies are not slowing because of the virus. They are slowing because of media induced panic about the virus, causing industries to hedge their bets on sales targets, and thus slowing production to meet their own panic induced fears.
Looks like the immature investors need to be weeded out before the market stabilizes.
They’ve been awfully quiet about it up to now. I suspect it’s because they know that the one practical step the Trump administration can take here — the closing of our border and all international airports to travelers from 90% of the countries around the world — might actually help Trump win all 50 states in November.
That’s why Trump needs to address the nation on this and give a full update on where we are with preparing for it.
Has anyone seen a detailed analysis of what’s going on in the market?
That’s an observation, not necessarily an explanation.
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