Daily Mail: Dow plunges 10% from peak and enters correction after largest one-day point drop in HISTORY as coronavirus fears fuel the worst week on Wall Street since the Great Recession
* US major stock indexes closed down more than 4% for the day on Thursday
* Markets have now entered correction, or declines from peak of more than 10%
* Dow dropped 1,190.95 points, the index's largest one-day point drop in history
* Follows report of first US community transmission of coronavirus in California
* Netflix and other 'stay at home' companies saw shares rise, however
U.S. stock indexes plunged dramatically yet again on Thursday, as the rapid spread of the coronavirus outside China deepens investor worries about growth and corporate earnings.
The Dow Jones Industrial Average plummeted 1,190.95 points, or 4.42 percent, to 25,766.64, the largest one-day point drop in history. It comes during the quickest market plunge on a percentage basis since the financial crisis of October 2008.
The Dow, S&P 500 and Nasdaq all closed more than 10 percent below their recent highs. That means the market is officially in a correction, which is a normal phenomenon that analysts have said was long overdue.
Read more ....
Update #1: Virus anxiety triggers biggest 1-day market drop since 2011 -- AP
Update #2: Wall Street tumbles again on virus fears, confirming correction -- Reuters
WNU Editor: The futures markets are revealing more of the same for tomorrow .... Stock futures point to more losses after Thursday’s massive tumble amid coronavirus fears (CNBC).
Thanks Barfsack Ocrumbo!
ReplyDeleteInteresting that the PM market has been held in check...I wonder how that's possible?
ReplyDeleteBuy on the dip. Hillary will.
ReplyDeleteYeah it's interesting how a hyped virus that kills fewer people than the common influenza (do your own math. In the same time - months - that covid-19 ripped through China, more than 100,000 died of the regular flu...way more.
ReplyDeleteIn the USA which is just a 4th of China in terms of population every year snot 100k+ die of the common flu. Every year. Every year. Hundreds of thousands in China alone. And you all go crazy over 2k in China now)
This is so BS it makes me mad.
Our media is directly playing into the hands of people profiteering of this financially and politically.
It cost China nothing.
The deaths are so few they statistically will not even show up when compared against the common flu. In 5 years no one will remember.
Again and again everyone falls for the panic. Do you all have amnesia and have you forgotten how MERS and SARS were pushed on us? They are the first, early click bait articles. Nothing happened. These virii are as much killers as the common flu. Not much more. But it damaged the USA economy (Dow Jones) by more than 10%, ie a couple of trillion US dollars or pretty much what the US won against China.
only the media, suppliers, stock betters profiteer. And China in comparison to the rest of the world. Because now the entire world slows down. Before USA had a rock hard erection speaking economically and now not so much. Now Europe is slowing more too and Asia and suddenly not just China which fell behind it would have been difficult to explain the few trillion missing after the loss of the trade war and rush out of foreign investment for other reasons which began 3 years ago.
Now the world has been reset again. Thanks to the stupidity and panic of the west
ReplyDelete"You never let a serious crisis go to waste" - Socialist
Prediction. There will be fewer protests against the Chinese Communist government after this. Compare YoY for the last 20 years.
People will have been disappeared under the cloak of an epidemic and quarantine.
The PRC will do their version of the desaparecidos.
The number of annual protests has grown steadily since the early 1990s, from approximately 8700 "mass group incidents" in 1993 to over 87,000 in 2005.
Bernie Bros are taking notes. We already have verified news reports of them wanting gulags. It is the way socialist roll.
https://en.wikipedia.org/wiki/Protest_and_dissent_in_China
https://en.wikipedia.org/wiki/Forced_disappearance