Dow plunges more than 600 points in another day of losses, officially wiping out its 2018 gains
Source: The Washington Post
By Thomas Heath October 24 at 4:03 PM
The Dow Jones industrial average dove more than 600 points Wednesday as another wave of volatility swept through U.S. financial markets.
The blue-chip index bobbed in the red most of the session, dragged down by a weak housing report and a beleaguered technology sector that continues to show weakness. Tech stocks are down 7 percent this month.
The Dows drop was a sharp reversal from its upward early-morning momentum that came off of a strong earnings report from aircraft maker Boeing. It fell 606 points, or 2.4 percent, to close at 24,584.50 its 13th loss in 15 sessions.
The Standard & Poors 500-stock index was off 3 percent in afternoon trading. The tech-heavy Nasdaq was taking heavier losses, down 4.4 percent. It is in correction territory, down 10.3 percent from its September 2018 high.
Read more: https://www.washingtonpost.com/business/economy/us-stocks-whipsawed-in-fresh-wave-of-volatility/2018/10/24/b9b75066-d7a2-11e8-a10f-b51546b10756_story.html
lagomorph777
(30,613 posts)especially since most of them are in and around NYC.
IronLionZion
(45,457 posts)And realized those tax cuts weren't what they appeared to be
modrepub
(3,496 posts)There are going to be a lot of surprised and angry people (from high state tax states) who are going to owe thousands on their federal taxes. Now THAT is going to have an impact on consumer spending! (dummies)
olddad56
(5,732 posts)then the market will really tank.
IronLionZion
(45,457 posts)it's painfully obvious that this is a house of cards not based on any fundamentals
ck4829
(35,077 posts)BumRushDaShow
(129,096 posts)but then it covers so many more stocks too... The Dow needs to drop 2600 off its record high to get its 10%.
Progressive Jones
(6,011 posts)BumRushDaShow
(129,096 posts)ck4829
(35,077 posts)ffr
(22,670 posts)That's really their best chance on preventing democracy from happening.
riversedge
(70,242 posts)durablend
(7,460 posts)bucolic_frolic
(43,182 posts)the timing around the elections is very suspicious
NCjack
(10,279 posts)It's Pres. Obama fault.
machoneman
(4,007 posts)corrected!
gopiscrap
(23,761 posts)BTW I love the Cubs. EWhen I first came to the US Tacoma was it's AAA farm team and my first real paycheck was from them
Joe Nation
(963 posts)We may be in for a bumpy ride this fall. October is the usual culprit month for stock collapses at least historically. I have heavily invested away from the stock market and into traditional safe securities. If the market crashes tomorrow, I lose nothing. If the stock market drops to eight or nine thousand, we are looking at a recession comparable to 2008 or even much worse. If that happens, I will pretty much be smoking gold cigars.
osmium
(94 posts)September is generally when the froth is blown off.
The market and the post-2008-9 expansion is 'tired.' Tiny and his Wharton degree have really tossed a spanner into the works.
Tariffs are bad, m'kay.
When everyone is fearful, be bold. People aren't fearful(regarding the equities markets and health of the economy) yet. It's coming. I will ride it out just like every other time.
I have generally subscribed to the tenet that no U.S. administration can really move the global economy in the short term. Tiny has really tried to stop growth - and give me a case of cognitive dissonance - through stupid policies. However, unlike some, I adapt my thinking to current reality.
Those pesky tariffs are a wildcard that I didn't see in the deck. Given that another round is going into effect with the turn of the new year, things could get pretty weird. That said, it is clear that an Administration can move the global economy. I have seen it once before - with Obama's handling of the Great Recession - and Tiny seems hellbent on unraveling the economy he was handed. That seems truly odd for a purported Biz. school grad and a self-proclaimed financial genius. Maybe it's just me. Nah. Tiny has no idea WTF he's doing.
Obama's moves left me scratching my head; but dammit, they worked! Tiny's moves too, have left me with a balder spot on the melon, but I have evolved. I now know that policies - good and bad - can be truly impactful. Let's hope the landing is a soft one.
Achilleaze
(15,543 posts)KGOP republikcans have pissed all over America and America's economy, ruining the Gold left by Obama and the Dems.
Tragic.
gopiscrap
(23,761 posts)NCjack
(10,279 posts)Trump gave it with the taxcut for the rich. Mnuchin must have shown Trump the T-Dept's 3rd-Qtr leading indicators, and he shit his pants that there will be a market crash named for him. That's why he wants another taxcut for the rich -- or for anyone -- to get more money into the economy. But, it's not going to work. The fool could have extended the Obama bull market by giving the poor tax cuts and rebates, and by starting an infrastructure program. We will be lucky to avoid a (I'm not going to use the "d-word" . Thanks for nothing, Trump, Ryan, and McConnell.
Achilleaze
(15,543 posts)and revealed himself for the multi-bankrupt, draft-dodging, casino-hustling liar and cheater he obviously is. republicans still refuse to get a clue. We knew republicans hated truth and decency, and now we know they hate reality, too.
* Comrade Dirty Donny (R)
yurbud
(39,405 posts)Judi Lynn
(160,545 posts)"The Economy is soooo good, perhaps the best in our countrys history," Trump said on Twitter on Monday.
Sep. 10, 2018 / 3:40 PM CDT
By Jane C. Timm
. . .
The Economy is soooo good, perhaps the best in our countrys history, Trump wrote on Twitter on Monday.
Earlier this summer, he stood on the South Lawn of the White House and boasted about achieving a "turnaround of historic proportions" an "economic miracle."
. . .
https://www.nbcnews.com/politics/politics-news/fact-check-economy-booming-who-gets-credit-trump-or-obama-n908286
enid602
(8,620 posts)Groundhogs Day
PoindexterOglethorpe
(25,862 posts)Right now, Monday morning, the Dow is up nearly 300 points, although the trading day is young.
And to all who have posted nonsense about the market being artificially propped up or how the little people are robbed when the market declines, over time the market rises 10% a year. Sometimes more. Sometimes less. Some years it declines. But buying and holding for the long term is almost always a good strategy, although there are some exceptions.
DonViejo
(60,536 posts)PoindexterOglethorpe
(25,862 posts)I didn't feel like explicitly responding to several posts.