Daily Mail: Trading is halted at the opening bell after the Dow plummets by 2,250 points - 9% - wiping out ALL of Friday's gains - as Wall Street buckles under deepening coronavirus chaos despite frantic bailouts from the world's banks
* The Dow Jones Industrial Index fell again on Monday by a catastrophic 2,250
* The S&P 500 fell by eight percent which automatically halted all trading for 15 minutes
* It wipes out all of the historic gains made on Friday, when it clawed back nine percent
* Oil prices are now less than $30 a barrel thanks to a price war sparked by Saudi Arabia
* Last week, circuit breakers paused trades twice because prices fell so much
* The IMF has announced it is ready to mobilize $1 trillion to help ease the crisis
* The Federal Reserve Bank has slashed interest rates to zero and is buying $700billion of treasury bonds to try to alleviate the chaos
* There are now more than 4,000 cases of coronavirus in the US and 70 have die
Trading was immediately halted on Monday at the opening bell as the Dow plummeted by 2,250 points - nine percent - and the futures market tanked amid the deepening coronavirus crisis.
Trading began at 20,935 - a decrease of 9.71 percent - 2,250.46 points - since Friday's historic day of recovery on the Dow.
The S&P 500 fell by more than eight percent which kicked into gear what is known as a circuit breaker - a mechanism which acts like a kill switch to stop trading before prices can fall by too much.
Trading resumed 15 minutes after the first breaker and fell further.
The Dow fell further and by 10am, was down by 11 percent, as was the S&P 500.
The S&P 500 needs to fall by another 13 percent before trading is halted until 3.25pm. Then, it will then have to plummet by 20 percent to be halted for the rest of the day.
Read more ....
WNU Editor: We are currently witnessing a version of a 1929 stock market crash. The consequences of this disaster are going to be long lasting and damaging to everyone.
11 comments:
I am expecting the US markets to close down soon. If I recall 9/11 banks also closed. People can go a for at most a few days without cash. Expect a run on the ATM's and banks if they do this.
Good
It's like a comic story but better
Who uses cash anymore? Besides it's a dirty way of doing business in a newly germaphobic society.
Lots of people use cash. When the system shuts down your debit card desn't work and pay through your bank is shut down. Nothing moves. Credit MAY work, but in 2001 itdidn't in many locales. CASH is still KING.
If the "system" shuts down your cash will be worth less than toilet paper.
Re: 1929 crash. The main reason that this current slide will not resemble the crash of 1929 is that Trump is president and FDR isn't. This slide wasn't caused by a weak economy or a mismanaged financial system. We don't have the stupid decisions made by FDR immediately following the crash.
Unlike FDR, Trump has not attempted to rejigger the entire economy to centralized control. Did not initiate massive regulation. FDR Created all kinds of economic dislocation and eviscerated our financial markets. FDR's reaction to a bad recession is what turned it into a prolonged depression.
If we do have a recession it will probably be a v-shaped one. Meaning a fast slide down and a fast recovery.
Only a beautiful mind like Russ could claim, with a straight face I presume, that FDR was a failure and Trump a savior.
No shore leave for you! Drop and give me 20! And when you are done clean out those old-timey metal garbage cans!
MAGA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Russ--FDR was not the president when the Depression began...FDR was the pres that got theeconomy going again!
Trump referred to Michigan Gov. Gretchen Whitmer as the "failing Michigan governor" on Monday and lashed out at New York Gov. Andrew Cuomo after his calls for stepped up federal assistance. Minutes later, he heaped praise on his own administration for "working very well with the Governors and State officials."
While Cuomo, Whitmer and other governors have been among the most vocal critics of the federal coronavirus response, they have been far from alone. The Trump administration has come under a steady drumbeat of scrutiny over its inability to quickly ramp up coronavirus testing capabilities as well as its weekslong rhetorical campaign to downplay the virus' threat to Americans. Only recently has the president reversed course in his own public utterances to warn the public about the severity of the pandemic's threat.
anon 2:14
I'm aware that FDR took office in 1933. My point is that the results of his actkions led to a prolonged depression What I stated above isn't in dispute. The 1930's were a age of poverty. Even the so-called recovery saw unemployment of 15%. What really pulled the US and the rest of the world out of the depression was the onset of WWII.
You could make many parallels between what FDR did and the actions of Obama during the years of economic flat-line that he oversaw. Neither of whom were versed economically and didn't listen to anyone who was.
And I'll repeat the point that the current US economy is strong and that this slide was caused by the Chinese Wuhan virus, not bad monetary/market policy.
I'll make a you a gentleman's bet that the coming summer will see a pronounced recovery and a DJIA of 27K or higher.
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