Dow plunges 3,000 points, as coronavirus market collapse continues; worst day since ’87

CNBC.Com ^ | Mar 15 2020 | Fred Imbert

[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.

[dowcaet]

This is BS. Three weeks ago we had the strongest economy in fifty years. Now it’s being wiped out. I have my suspicions on the virus being intentionally released, but one thing can’t be denied. The American and the world economies are being intentionally destroyed. The Deep State thinks they’re gonna get a free ride back into power in November. They’re gonna get payback big time!

[crz]

I dont know about bargains, But I got my shot shells out and ready today.

I go to town? I will take “Charlene” with me.

[RoseofTexas]

And of course the mediapukes celebrate!! I hope they are hurting $$ in their accounts too! Believe me when I say that they are giddy as hell!!!

[WoofDog123]

this is a genuine black swan. i realize there are forum members who essentially thing the whole thing is a nothing-burger. major publicly-traded companies are shutting down operations over this, often voluntarily before state governments' hands are forced. airlines will either have some sort of debt interest help or they will go under. the las vegas strip is closing. both china, western european nations, and now pretty much the whole western world are bringing their economies to a screeching halt. I realize the nay-saying posters here are smarter than all those diverse factions. do any of you feel at some point occam's razor applies?

[Parley Baer]

IMHO the stock market has ruined itself for any type of reliable investing. IMHO this is just over the top.

[NELSON111]

That would be me - I’ve been short since February 24th....with some hedges of course. Meanwhile - many of the “market experts” here at FR were saying “buy the dip” - I decided to stay short. I exited many of them today - but still have a few on.

[Steely Tom]

Trump didn’t put the governors of NY, MA, NJ, and OH in charge of their states. He’s not telling anyone to shut down their businesses, at least as far as I know.

[Deo volente]

There is the end of your 401Ks.

Not unless you need the money now. If you need it in 5-7 years your balances will be back to normal and whatever you're buying after the bottom (which will come soon) will enjoy huge gains. The people who held on through 2008-09 when the market fell 55%, and starting buying again when the Dow stopped dropping at 6,500 made out like bandits.

[blueunicorn6]

How is Calpers doing?

[NELSON111]

>>>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.

YEAH! Because now he is so totally clueless that he doesn't understand the data they are showing him and is going along blindly with what they are saying.

You should go to the White House and demand a meeting! You are MUCH smarter than Pence and all those other yahoos on the stage!

[dp0622]

I knew it would pay off being completely irresponsible with my money and squandering it the past 3 years!!

:)

Seriously, I didn’t give a #### that I didn’t take advantage of that huge move. I was Happy for my siblings and cousins and nephews and nieces

And now i am sad for them.

As for me, it’s a second chance. I think I won’t mess it up this time.

[1Old Pro]

How is Calpers doing?

Should be up big, they only do social investing.

[CaptainK]

How can Trump prevent panic selling?

[pepsi_junkie]

this is a good 'ol fashioned crash.

My wife talked me into not moving all my stocks into bonds three weeks ago. Now that I'm broke this is the most affordable time to divorce her. ;-)

[z3n]

Almost time...

[chris37]

If it was not a bio-weapon to start, it is now.

It can be re-seeded anytime by anyone.

[blueunicorn6]

Oh, good.

[Berlin_Freeper]

Coronavirus Pandemic: 175,250 Cases - LIVE BREAKING NEWS VIRUS COVERAGE

[lurk]

Please text me when the market hits bottom; I have a few grand to inject at the right moment.

[faithhopecharity]

WuFlu fear.
plus, my bets are Still on SorozNazi pushing the markets, economy, USA down!
He’s done similar nefarious deeds to several other countries, this is exactly his Modus Operendi

and his time to bring America to her knees is fast running out, something he must certainly be aware of

at any event, we have to fear the virus yes, but also fear some of the crazy leftist politicians trying to impose their versions of communist/nazi style dictatorships on us. The two-legged viruses are a lot more dangerous right now than the invisible bugs