The Dow Jones Industrial Average sank more than 2,000 points Monday, notching its worst day since 2008 as market angst over the spread of the novel coronavirus and a new oil price war sent investors scrambling for safety.
The Dow closed down 2,013 points, or 7.8%, as energy and financial stocks dragged the blue-chip index down. The S&P 500 plunged 7.6%, while the Nasdaq sank 7.3%. The 30-stock benchmark was down 2,158 points at its session low. The massive sell-off triggered a key market circuit breaker minutes after the opening bell. Trading was halted for 15 minutes until reopening at 9:49 a.m. ET.
The sharp declines followed a roller-coaster week that saw the S&P 500 swing up or down more than 2.5% for four days straight. While Monday’s drop was significant, it still didn’t crack the 20 worst days for the S&P 500.
Investors continued to seek safer assets amid additional fears that the coronavirus will disrupt global supply chains and tip the economy into a recession. The yield on the benchmark 10-year Treasury note dropped below 0.5% for the first time ever, while the 30-year rate breached 1%. At one point early Monday, the 10-year slid to 0.318%.
Trump’s economy got absolutely, completely, permanently, and eternally BTFO today
Boomers are completely seething. All their gains are gone and this bullshit economy is nosediving. No amount of stimulus is going to save it either. Panic selling because of Trump’s complete inability to treat the Coronavirus like a fucking pandemic is going to keep the momentum of the freefall going.
That’s what you get, traitor. -40% by week’s end. GOOD!
Holy Shit! I didn’t think this day could get any better. This moron kept the borders open and didn’t slow down air travel because of his precious economy which TANKED permanently today. Now this dumb, fat, traitor (and known germ freak) has something to worry about. Fucking clown.
Futures are still plummeting. Tomorrow might be even worse than today. Buy some precious metals while your shit American dollar is still worth something because it may not be tomorrow.
Find it very interesting that on Wednesday Feb 19th 2020 marked a historic day for the stock market hitting the highest it has ever hit in the history of the market.
Friday Feb 21 2020 Goldman Sachs releases statement that they forecast 0 earnings for the market returns the rest of the year.
When I was in my 20’s I had nothing. I busted my ass to go to college debt free. It took me TEN years to get a bachelor’s degree.
In my 30’s I bought my first home. I still live here and my mortgage is less than what people pay in rent. Nearly paid off so I can be debt free.
In my 30’s and in my 40’s I learned and raised my son as a single parent. No lavish vacations (as a matter of fact they were rare), no lavish cars and paid off my debts and lived within my means.
By my mid 40’s I was ahead of the game, but just barely. In my early 50’s I am now way ahead of the game. I don’t blame anyone for all of those years spent in the trenches.
I don’t know who sold you a rose garden but this is the way it works for the average person and always has. You EARN your way on your own and it takes some damn freaking time.
Your bitterness and blaming boomers is misplaced. What you sound like is a person wishing for the death of others so you can step into their place and be exactly what you hate for the generations to come. Not working your way there honestly but the easiest way possible.
The bitterness in your heart will eat away at you. I had plenty of reason to blame others but I kept my goals and I kept my focus, even in spite of some really hard bumps along the way. I learned from them. I made my mistakes my strengths.
Just my opinion as a conservative, millennial female who believes in family first, fought and battled more than you can ever know to maintain those values at all costs and won in spite of it all.
It’s all going to fall apart. Once the farmers get sick no food. If the truckers get sick nobody to deliver the food. If the warehouse guys get sick nobody to move the food onto or off of trucks. If the stocker kid gets sick nobody to put that pallet of food no the shelf. Stupid cuck like Elon saying robots are bad I wish we had a lot more robots in the food industry right about now.
Funny how some here are all of sudden experts on trading and the markets. “OMG the end of the world is going to happen!” (sarcasm) Just goes to show their inner “brothers of doom” comes out wishing for a collapse, in moments like these. Pretty hilarious to read!
If there’s a single major indicator supporting the premise this is all just a short term disruption related to the CV outbreak it’s the fact gold prices have barely budged since it began.
Well, there are separate issues going on in the markets currently all happening at the same time that gives the appearance that its Coronavirus related when in fact its just bad timing. On the latter I am sure some might suggest that the ones making the decisions did so intentionally to maximize effect, such as the feud between OPEC and Russia, which caused a major panic that riled the markets. Canadian dollar which is Oil dependent dropped against most majors and is now holding steady. Price of Oil does bare watching, because the demand hasn’t exceeded production so this will be interesting to watch over the next 6 months. Enjoy the cheap gas, especially as the summer months approach!
Another is treasury yields which are at an all time low, but that is nothing new, as investors moving things around to safe havens happens all the time to create market volatility. I don’t see any signs of collapse, but perhaps a mini recession in the next few months before May when the warmer weather starts hitting is when markets will get a little steam and start rolling back to higher levels again.
(sarcasm) Just goes to show their inner “brothers of doom” comes out wishing for a collapse, in moments like these. Pretty hilarious to read!