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Stocks on track for worst week since financial crisis

Charlemagne

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Stocks on track for worst week since financial crisis

By Anneken Tappe, CNN Business

Updated 2:03 PM EST, Thu February 27, 2020

New York (CNN Business) US stocks faced another sharp selloff on Thursday as worries about coronavirus mounted, with the three main indexes dragged into correction territory and on track for their worst week since the financial crisis.

The Dow (INDU) fell up to 960 points Thursday before bouncing back a bit and briefly re-emerging from correction territory. The index has fallen more than 10% below its most-recent peak, putting it in correction, and was down 620 points, or 2.3%, in the early afternoon.

Similarly, the S&P 500 (SPX) briefly bounced back from the worst of its selloff but continues to flirt with falling into a correction. The index was down 2% in the early afternoon.

Both indexes are on track for their worst week since the fall of 2008, the midst of the financial crisis.

The Nasdaq Composite (COMP) also bounced back from morning lows around midday, but fell back into correction in the early afternoon. The index, which was the only major stock index to end Wednesday in the green, was down 2.2% in the early afternoon, more than 10% below its latest peak.

Stocks have been selling off around the world all week as investors fret about the spread of the virus.

the United Kingdom, the FTSE 100 (UKX) also fell into correction territory Thursday. This is the market's first correction since December 2018.

View this interactive content on CNN.com

Stocks are still some ways away from a bear market, which is defined as 20% or more below the most recent peak.

Still, safe haven investments like bonds are up on Thursday and the 10-year US Treasury yield fell to a new all-time below 1.29%. Bond yields and prices move in opposition to each other.

In the energy space, US oil prices fell yet again as investors worries about a drop in demand. US oil futures were down 4.3% at $46.64 a barrel.

Worries about the coronavirus outbreak mounted this week, with the US Centers for Disease Control and Prevention saying it expects cases in the United States to rise. The virus has now infected more than 82,000 people worldwide, with the vast majority of cases in China.

Corporations continue to warn that they won't meet their first quarter earnings targets. Microsoft (MSFT) announced that late Wednesday. Goldman Sachs (GS) said in a report Thursday that it now thinks US companies will generate zero earnings in 2020.

"What's even more disconcerting is that the news headlines haven't been all that bad yet," said Paul Hickey of Bespoke Investment Group. "Right now, it's the fear of what could happen that's driving the markets rather than what is actually happening."

Indeed, the US economy is thought to be relatively more resilient against the effects of the virus as it is not as reliant on trade as its peers. The second reading of fourth quarter GDP left growth unchanged at 2.1%.

https://www.cnn.com/2020/02/27/investing/dow-stock-market-selloff/index.html
 

danmand

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Nov 28, 2003
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Down 1,190 thursday at 25,766. This is the biggest point drop in the DJIA history, surpassing the previous record of 1,031 set Monday.

Trump really has destroyed the economy.
 

JohnLarue

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Jan 19, 2005
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Down 1,190 thursday at 25,766. This is the biggest point drop in the DJIA history, surpassing the previous record of 1,031 set Monday.

Trump really has destroyed the economy.
The market would have dropped if Trump, Obama or Elmer Fudd was in office.
 

danmand

Well-known member
Nov 28, 2003
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But when they go up, it's all because of trump.
Cool story.
When it goes up, it's all because of trump.

When it goes down,Trump has nothing to do with it.

Got it.
 

apoptygma

Well-known member
Dec 31, 2017
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When it goes up, it's all because of trump.

When it goes down,Trump has nothing to do with it.

Got it.
Right?
And the lack of a southern border wall apparently is why COVID-19 made it's way into the good ol' u s of 'eh.
That and AIDS... and the Asian carp.
 

Frankfooter

dangling member
Apr 10, 2015
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He did cut taxes & the market moved forward when he did. That is factual
He should have accompanied that tax cut with a reduction in spending
People who earn more than $75,000 per year are much more likely to say their economic situation has improved in the last year, according to a new Hill/HarrisX poll.

In the poll, a majority of voters who earn $75,000 per year or more say their personal financial situation has gotten better in the past year, at 53 percent.

Eighteen percent said it has gotten worse while 29 percent said it's about the same.

By comparison, just 29 percent of people who make less than $75,000 per year said their finances have gotten better since last year. Another 29 percent said things have gotten worse and about 4 in 10 voters reported their financial situation as being stagnate.
https://thehill.com/hilltv/what-ame...ers-report-better-personal-financial-progress

That's the Trump economy.
 

JohnLarue

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Jan 19, 2005
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"The Toronto Stock Exchange lost 454 points on Friday after a technical glitch shut down trading early the day before — and investors picked up right where they left off by dumping shares in just about everything."


Stock markets finish rough week with another dive into the red

https://www.cbc.ca/news/business/friday-markets-1.5479438
Still above where they finished 2019 (will that statement stay intact? Probably not)
Stock prices go up and sometimes they go down, that is the nature of prices in a free market

Do you have a point you are trying to make?

Terb Members on ignore: Frankfooter
 

apoptygma

Well-known member
Dec 31, 2017
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But he put "points" in quotes, which means that he didn't really mean "points". He actually meant "hot dogs"... If the Dow Joans (WTF is that?) ever falls more than 1000 "hot dogs" in a Single Day (what is a Single Day? Is that different than a single day?)
 

shack

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