there are major members of both the DJIA and SPX that are big-time oil producers — Chevron and Exxon among the examples.
These and numerous other major members of those 2 stock indices have helped to drag the market down because they need oil prices to remain at certain levels to hit the Wall Street profit and revenue targets.
So there is a fundamental reason for oil prices to nosedive, and for the stock market to nosedive
For President Trump, the reelection game will boil down to a mere few — yet difficult to predict — metrics
1. how is the job market doing
2. how are hourly wages doing
3. perceived effectiveness of leadership
4. self-perception of how one is doing financially
The main good news for the current woes is it is March and not early October.
As an aside — somewhere along the way Matt Drudge became a never-Trumper? In 2016 and 2017 Drudge was a big-time ally of Trump.
“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.