© Lucas Jackson / Reuters
NBC: Dow plunges by almost 600 points on mounting recession fears
All three major indices fell by more than 2 percent, sparked by manufacturing data that revealed the biggest decline in factory output since June 2009.
Wall Street took heavy losses on Wednesday, with all three major indices declining by 2 percent as disappointing employment data and a contraction in manufacturing activity fueled fears of an impending recession.
The Dow Jones Industrial Average dropped by as much as 598 points, or 2.24 percent, on Wednesday, wiping out all gains for the third quarter. The S&P 500 suffered a similar fate, falling 2.07 percent and erasing any yield for the last quarter. The tech-heavy Nasdaq lost 2 percent as Amazon, Apple, and Microsoft fell.
President Donald Trump blamed the Democrats for the market sell-off, tweeting that "impeachment nonsense" was driving down "the Stock Market, and your 401K’s."
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WNU Editor: The manufacturing data that many in the media are crediting for this drop was already factored in. The stocks that are tanking today are the tech stocks .... Dow plunges more than 500 points as big tech shares lead the decline (CNBC). And the reason why they are tanking is because of Benie Sanders hospitalization. His probable departure will IMHO catapult Democrat Presidential hopeful Elizabeth Warren to the top of the ticket, and the likely Democrat Presidential candidate for next years election. The same Elizabeth Warren who has vowed to break-up the tech companies if she becomes President, a possibility that I can guarantee you is scaring many an investor.
"They’re our companies, so they’re actually attacking our companies," Trump said. "But we should be doing what they’re doing."
ReplyDeleteBut Trump stopped short of committing to what his administration would consider doing to crackdown on a monopoly.
"I can tell you they discriminate against me," Trump said when asked about companies like Google, Facebook and Amazon. “People talk about collusion. The real collusion is between the Democrats and these companies because they were so against me during my election run."
PS I think Trump has a point. There is serious and extensively documented left-leaning bias at Facebook and Twitter. Bezo's WaPo is basically now also a propaganda outlet. .that's why people hate the left so much. This constant indoctrination and bullying..and worse @Antifa a violent terror grouo that many front runners cheered on publicly. It's insane. .they beat up people for wearing a hat ...savages
ReplyDeleteIf Democrats get elected in 2020, then all bets are off @ China and the rest of the world.. if Trump manages to keep these savages at bay, then perhaps the trade war will be won, trillions will float back to the US and we see a resurgence of a stronger West. If not.. I expect tons of proxy wars with China and Russia who will be emboldened. North Korea and Iran too.. ffs.. all because of someone who lied about her heritage and is not being called out for it and then becomes front runner for president. Unbelievable
ReplyDeleteLet the Market go down a bit - great buying opportunity! :)
ReplyDelete“Certainly for competitively priced products like PCs, there will be price increases, particularly in the short run,” says Brad Setser, a senior fellow at the Council on Foreign Relations. “It’s likely to be a fairly considerable shock to consumer prices.”
ReplyDeleteThat shock could add up to hundreds of dollars for consumers. On Tuesday JPMorgan estimated that, for Apple, countering the cost of the tariffs would mean raising the price of the iPhone XS from $1,000 to $1,142, although Apple’s high margins mean it would likely absorb the cost without raising prices. More price-conscious companies like Lenovo and HP would have fewer options.
Versions of this price hike have already happened in other industries that were hit by earlier rounds of tariffs. The price of a washing machine has risen an average of $86 as a result of the tariffs announced in September, according to one study, while luggage prices rose 5 to 10 percent. The total price tag for US consumers since November could be as high as $18 billion.
@anon 326pm
DeleteThat sucks... but
1) we cannot have China rule the world. If you think Russia or US are bad enough think of an ethno state running the world that currently has a million+ people in concentration camps WITH mass execution videos circulating now
2) the trade war is a necessity and better to have it now than later. If you try to get the trillions(!!!) Of dollars back later the Chinese will just ignore you
3) the trillions will go to reducing debt and removing burden of future growth and tax payments.
I am not a fan of expensive products. who is? But I also don't need to buy a phone every year. Not even every two years. Not even every 3 years. People have to prioritise. ..live under Chinese rule and perhaps also end up in a concentration camp (think YOU are special and they will make an exception for you? ? That's what the Jews thought about Germans. They didn't believe it even when they were ON the trains going straight to the camps...Please think about it and how history repeats itself)
(Newser) – Stocks tumbled again as investors became more worried that worsening trade tensions and other factors could further weaken the global economy, the AP reports. The Dow Jones Industrial Average lost almost 500 points Wednesday, its second big drop in a row. The latest bout of selling followed a report showing hiring by US companies slowed more than expected last month, particularly in mining and manufacturing. A day earlier, markets were shaken by the weakest reading on US manufacturing growth in a decade.
ReplyDelete
ReplyDeleteI agree with Mike. What little powder I have is dry.
The tariffs have leveled the playing field to some extent. American business has a government imposed overhead that few other countries have that is factored into every product or service sold. Fed, state, county, city. They all view us as sponges to squeeze and that will never be dry.
My old wreck of a VW, built in '67 and bought in '71, had a license cost of $7 five or so years ago. For 2020 it is $122 here in California...where the manure on some sidewalks piles high and the liberal hot air flows without stop.
DJT has upset the apple cart from which much of the world was pilfering. It will take time for the inevitable adjustment.