Dow Plunges Another 1,000 Points

[DamianTV]

http://www.presstv.com/Detail/2018/...000-points-as-inflation-fears-spook-investors
NOTE: Source is believed to be Iranian, typically coming from PressTV.ir, expect bias, please post confirmation stories as you see them.

US stocks have plunged again with the Dow Jones industrial average experiencing a four-digit loss second time in a week due to fears of higher interest rates.

On Thursday, the Dow fell 1,032.89 points, or 4.15 percent, to 23,860.46. The Nasdaq Composite lost 274 points on the day, or 3.9 percent, to 6,777.16, while the S&P 500 closed with a 100-point loss, or 3.75 percent, to 2,581.08.

It was the second time in history the Dow has lost more than 1,000 points in a single day.

On Monday, the Dow suffered its biggest one-day point drop in history, plunging about 1,600 points during trading hours before recovering to close down at 1,175.

All the 30 companies that make up the Dow index were in the red on Monday, with Verizon, Microsoft, and Exxon Mobil each falling more than three percent.

Overall, the Dow has lost more than 2,000 points since January 26.

...

Full article on link, expect biased source.

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Where's Zippy?

Is this the Crash of 2018?

 

[oyarde]

I would estimate silver down one dollar since Jan 26 as well , or about 5 3/4 percent . gold , maybe dropped 2 1/2 percent since its recent high .

 

[Krugminator2]

Is this the Crash of 2018?

No. This is nothing. 10 or 15% corrections happen almost every year. This past year was an anomaly.

The rates on 10 yr treasuries have gone up. That is certainly a sign of optimism for the economy and is historically good for markets. http://www.businessinsider.com/heres-what-the-yield-curve-is-signaling-2018-2

This guy has made more money for investors than any hedge fund manager in history. https://www.marketwatch.com/story/r...o-stem-the-bleeding-in-this-market-2018-02-05 https://www.cnbc.com/2018/01/23/ray...g-cash-youre-going-to-feel-pretty-stupid.html

 

[nikcers]

Right now there is a divide between people who think the market was being optimistic because of tax cuts, and people who think it was being optimistic because Trump won and he is a "game changer". I don't know if economically we are doing as good as the talking heads say we are doing.

I think that it is going to be one of the new doublethink they insert into peoples minds. They will try to make people think the opposite of the truth so they can promote endless war without people whining about the economy.

Lets see how the correction plays out, Peter Schiff seems to think that unless the Fed stops raising interest rates and lowers interest rates there won't be enough capital. Moody's is considering downgrading us debt but he doesn't think that will happen.

I think the tax cuts got hyped and didn't get cut as much as the market was expecting, which might make a difference in our growth, we might slow down because of it.

 

[dannno]

Right now there is a divide between people who think the market was being optimistic because of tax cuts, and people who think it was being optimistic because Trump won and he is a "game changer".

They are one in the same.

 

[nikcers]

They are one in the same.

That's not what I was saying entirely- unless you mean false hope about Trump being a game changer and false hope about fiscal policy reform is the same. There wasn't any retro active tax cuts and they didn't cut any spending, spending is increasing so essentially there is a difference because the government is printing and collecting a lot more money then the markets were predicting.

 

[dannno]

That's not what I was saying entirely- unless you mean false hope about Trump being a game changer and false hope about fiscal policy reform is the same. There wasn't any retro active tax cuts and they didn't cut any spending, spending is increasing so essentially there is a difference because the government is printing and collecting a lot more money then the markets were predicting.

I was under the impression the spending bill hand't passed yet, because Rand.

But either way, spending ALWAYS increases, that has been a constant for decades so this is nothing new.

The difference is that working Americans just got a huge tax break and so did corporations. Most of us here who work will be making an extra few thousand dollars a year just from tax breaks even if we don't get a substancial raise from our company, plus we might end up seeing some substantive raises or bonuses come from cutting corporate taxes.

Since spending is probably increasing, like it always has, we will have some inflation, but working Americans will be able to afford it better than people who are on welfare or don't pay taxes, for a change.

Additionally, businesses are still making the decision to do more business here because of the relatively lower corporate tax rate. We have to compete with other countries and their corporate tax rate. So we will continue to see more jobs and hopefully the 30% of the country who are non-workers, we will see that number start to go down.

Yes we still have a huge debt and our economy still might crash or go into a heavy recession due to longterm issues that Trump had no control over.. but he is making substantive changes in the economy for the better. A nearly 15% decrease in the corporate tax rate is nothing to scoff at.

 

[Firestarter]

The USA's annual growth rate of gross domestic product (GDP) ranks 121st in the world.
That’s below an economic giant like… Congo.

The USA is one of only four countries with a debt above 100% of GDP, which is still rising rapidly.
The others are Mozambique, Bhutan, and Lebanon: http://aanirfan.blogspot.nl/2018/02/the-usas-failing-economy.html

 

[nikcers]

I was under the impression the spending bill hand't passed yet, because Rand.

Fake news trump signed it already Rand could only delay it.

 

[Influenza]

Loving these taxcuts. Amazing job Trump! Giving the money back to the people.

Everybody increases spending so it's ok when trump does it too.

 

[CaptUSA]

I was under the impression the spending bill hand't passed yet, because Rand.

But either way, spending ALWAYS increases, that has been a constant for decades so this is nothing new.

The difference is that working Americans just got a huge tax break and so did corporations. Most of us here who work will be making an extra few thousand dollars a year just from tax breaks even if we don't get a substancial raise from our company, plus we might end up seeing some substantive raises or bonuses come from cutting corporate taxes.

Since spending is probably increasing, like it always has, we will have some inflation, but working Americans will be able to afford it better than people who are on welfare or don't pay taxes, for a change.

Additionally, businesses are still making the decision to do more business here because of the relatively lower corporate tax rate. We have to compete with other countries and their corporate tax rate. So we will continue to see more jobs and hopefully the 30% of the country who are non-workers, we will see that number start to go down.

Yes we still have a huge debt and our economy still might crash or go into a heavy recession due to longterm issues that Trump had no control over.. but he is making substantive changes in the economy for the better. A nearly 15% decrease in the corporate tax rate is nothing to scoff at.

Oh, dannno...

First, Rand was only a temporary delay. Your GOP government passed the CR this morning and your hero signed it. http://https://www.defensenews.com/congress/2018/02/09/congress-votes-to-end-government-shutdown-sending-bill-to-president/

Secondly, I applaud the tax break, but you have to understand its implications. It means that the velocity of money is going to rise. The glacier-slow velocity of money is what was hiding all the inflation from years of QE. This means to prevent it from roaring back in, interest rates are going to rise. They won't have a choice - they'll have to try to keep the wheels from coming off.

And guess who that is going to hurt the worst??? Here's a hint: It ain't the billionaires.

Really, the only thing that could have helped this situation is a dramatic cut in government spending. Instead, your dear leader just signed a dramatic INCREASE in government spending! And you can say, "spending ALWAYS increases" but not like this! Spending of this magnitude only happens when one party controls the government. So instead of the government feeling the coming pinch, it's going to be low income people and the young and old. If you had to come up with a plan to hasten an implosion, I'm not sure you could have come up with anything better.

 

[dannno]

Lol, you really think Donald Trump would misspell Dow Jones????

 

[timosman]

Lol, you really think Donald Trump would misspell Dow Jones????

 

[CaptUSA]

Lol, you really think Donald Trump would misspell Dow Jones????

And, this goes here: http://www.businessinsider.com/trump-typos-spelling-tweets-unpresidented-2017-4

 

[dannno]

And, this goes here: http://www.businessinsider.com/trump-typos-spelling-tweets-unpresidented-2017-4

Did you find any of those particularly egregious?

The first two were bullshit so I stopped reading, and the one I was responding to was a fake tweet.

Anybody who has ever done any messaging or whatever on a smart phone knows that sometimes you spell something out incorrectly by "fat fingering" and hit the "post" or send button instead of the "back" button. Then there is god damn auto-correct, which was probably why he spelled "peace" "peach", or that could have been a fat finger as well.

 

[Madison320]

Yes we still have a huge debt and our economy still might crash or go into a heavy recession due to longterm issues that Trump had no control over.. but he is making substantive changes in the economy for the better. A nearly 15% decrease in the corporate tax rate is nothing to scoff at.

Why go half ass? Reduce the tax rates to zero for everyone and double spending and watch the economy REALLY take off.

 

[angelatc]

*cough cough*

 

[dannno]

Loving these taxcuts. Amazing job Trump! Giving the money back to the people.

Everybody increases spending so it's ok when trump does it too.

How much will you save on your taxes this year?

 

[oyarde]

West Texas Light Crude Oil went under 60 today , Brent Crude Oil @ 62.79 , both down about 3 1/3 percent . Wholesale gasoline down to 1.70 . Copper & Gold still pretty strong with copper over 3 and gold over 1310 . Natural Gas down almost five percent , but it has been a little high anyway . Heating Oil down about 3 1/2 percent to 1.86 which is good news probably for the Northeast . Philip Morris pretty solid at about 100 ( 52 week low @ 96 ) . One year oil forecast dropped 3 bucks to 68 in the past couple days , that means no real , great expected economic growth is my take .

 

[CCTelander]

How much will you save on your taxes this year?

Oh just stop with the sycophantic pro-Trump fucking bullshit, will you?

Thanks to the fact that there have not only been no significant cuts in spending, but have in fact been significant increases, my children and grandchildren will most certainly have to suffer under drastically higher taxes, an even further devalued dollar and all of the other economic evils that go along with runaway spending. In exchange for this we get minor tax breaks now. Whoopee. I'd gladly give up my token tax breaks to spare my kids and grandkids what's now certain to come their way. What kind of human being would I be if I wouldn't?

Fuck Trump. Fuck CONgress.