Posted on 03/11/2020 8:17:18 AM PDT by Red Badger
Another day, another 1000 point drop for the Dow Jones Industrial Average after U.S. Senator for Iowa Chuck Grassley said that the U.S. should consider reducing the payroll tax but there’s no need for action as of yet.
The stock market is unthrilled. The Dow Jones Industrial Average has tumbled 1,008.19 points, or 4%, to 24,009.97, while the S&P 500 has dropped 3.7% to 2777.79, and the Nasdaq Composite has fallen 3.3% to 8,072.83. The 10-year Treasury has slipped .05 percentage point to 0.71%.
The real action is in the Vix, more formally known as the Cboe Volatility Index. The Vix has risen to 52.52, and is set to spend its fourth consecutive day above 40, the longest such streak since the Financial Crisis. We don’t need the Vix to tell us that the market is acting a little bit crazy. The Dow has closed up or down more than 1000 points six times during the past 12 days, and has traded down between 786 points and 970 three additional times. Each of the three other day’s moves was more than 100 points.
Chalk it up to a market trying to price in what is impossible to know. How much the coronavirus spreads—and how the damage it does to the economy in the process—is still up for debate and investment banks are busy promulgating potential scenarios. UBS economist Arend Kapteyn and team for one, cut their global economic growth target to just 2%, reflecting what’s currently priced into the market by their estimates. That’s down from 4% before coronavirus, and 2.8% before Russia and Saudi Arabia started a price war. They have little confidence in their number however.
(Excerpt) Read more at barrons.com ...
The Democrats have been talking up a downturn to help take down Trump for the last 3 years.
That is what the idiots want, to crash everything. Horrid people.
Democrats will be doing victory laps for weeks to come!
Just what they wanted, harm to America and Americans laid at the feet of the racist, xenophobic, Hitler-Nazi, incompetent misogynist President.
And then Joe Biden will ride in on a white horse and save the Republic.
Actually, everything would really start to go to hell, but you’d never know it because the MSM would be happy and contented again.
Woo hoo! DemonicRATS are getting their wish.
Can the WH shut down the market? Let cooler heads prevail.
The name of this source makes the point of who is behind this. Anybody that thinks Biteme will be seen as a saviour is a horse’s ass.
If SHE is VP, I got dibs on the D-Day of the POTUS as June 6............................
Yesterday’s rally was enough for me. Today I am a spectator
I don’t see how the Corona hoax panic and a falling market makes any voters more likely to vote for a senile old fart like Gropin’ Joe.
Goldman Sachs caused today’s 1000 point loss with their call that the Bull Market is over. They also predicted the collapse of the market if Trump was elected. No doubt they are pushing Biden for president so they can keep running the Deep State finances for the Democrat Party. All of his enemies are piling on to break President Trump right now. Are you praying for him?
Markets drop at the sgn of doom and gloom of coronovirus, its also the sign that Trump was the author of its upswing in the past 3 years of his presidency.
They can bounce back after we weather the current “crisis.”
Market was shut down for a time after 9/11 and on other occasions.
Only market question is when will the media driven panic wear off. At a certain point even the sheeple stop buying the BS.
Are the dems dumb enough to think that they can keep the fears going until November? This current manurestorm they stirred up only has a few weeks left at best. October surprises not only fall flat against President Trump, but can backfire on those who do them.
The “chicken little” mentality along with the “trash Trump” campaign has gone over the edge.
Orson Wells War of the Worlds broadcast was fairy tale-like compared to the stupidity, paranoia, and mendacity of the ruling class and the low-info public.
Watch for it. There are some state and local bureaucrats out there who will soon try to declare full martial law over COVID.
So, my wife and I are quickly getting cash rich (thanks to full SS and jobs at the same time). Where should we invest?!
Wait a few more weeks when things level off, then buy the index.
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