Posted on 03/16/2020 1:01:12 PM PDT by BradtotheBone
Stocks fell sharply 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 12.1% while the Dow Jones Industrial Average fell 3,065 points, or 13.2%. The Nasdaq Composite traded 12.6% lower.
The major averages fell to their lows after President Donald Trump said the worst of the outbreak could last until August. He also told reporters the U.S. “may be” heading into a recession. The S&P 500 fell as much as 11.4% while the Dow lost more than 12% earlier. The Nasdaq was briefly down 11.7%. “The markets are getting no break with yesterday’s historic Fed actions and COVID-19 dominating the world’s headlines,” Frank Cappelleri, executive director at Instinet, said in a note. “While the news continues to worsen and with the price action doing things we’ve only seen a handful of other times in the last century, it’s nearly impossible to keep things in perspective.” “We can’t argue the facts, and we’re dealing with a much bigger issue than just the economy,” Cappelleri said. Monday’s losses put the Dow down 28% from its all-time high and the S&P 500 and Nasdaq more than 26% below their records last month. At one point, the Dow was down 30% from its record.
(Excerpt) Read more at cnbc.com ...
Frightening.
I work in grocery stores as a vendor. I’m not getting back into the stock market until I see the TP and bottled water stay stocked.
There is the end of your 401Ks. I wonder who ended up with all that money.
Media’s fault for screaming about everything virus related at the top of their lungs for days on end.
They made this mess.
The champagne corks are popping at CNBC.
The good news is that at this rate it will hit zero in a week and can’t go any lower.
Wow. A few scientists in a lab in Wuhan, using stolen technology, can crash the US economy.
Not the last time this will happen, boys and girls.
Picture little drones, spraying mists in big cities in the middle of the night.
This is irresistible...
Anybody find any good bargains?
Time to wake up folks, S*** is real
Good God... we are effed.
Yup, the Reds are looking at this and thinking..”Is this all we have to do to beat the USA?”
> “We’re Doomed...”
Nope.
If you’re on margin, then yes, you is screwed biggtime.
Smart ones sold covered calls or bought covered puts last week.
Smarter ones are buying more shares on the way down.
The bottled water run is beyond silly. Water will still flow from the taps. If it gets to where it doesn’t, a little stockpile will be exhausted in no time. The panic my end up killing more people than the virus.
Those who put in orders for shorts.
Remember the Dems started the last civil war and they don't give a damn about anything when they don't get their way ...
Only if Sleepy Joe is elected, otherwise, the market will do very well in the next few years.
This is total bullshit . Why does trump keep putting morons in charge of everything? I dunno how he plans to get re elected if they crash the economy for no reason.
That's 31% off to date
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.