Dow plunges more than 2,000 points, biggest decline since 2008, as coronavirus fuels market turmoil

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Loudninja

Member
Oct 27, 2017
12,725
Keep in mind people like Trump are trying to play down the outbreak to protect the stock market.

The benchmark S&P 500 plummeted as much as 8% on Monday, its biggest intraday drop since 2010, before closing 7.6% lower. The index's sharp losses at the open prompted the first market-wide trading halt since the depths of the financial crisis in December 2008.

The Dow Jones industrial average declined 2,014 points, or 7.8%, its biggest single-day loss since October 2008.

The losses came as an oil-price war and the escalating coronavirus outbreak hammered risk assets from all sides. Equities initially gained after the halt before resuming their downward spiral.


The three major US indexes declined as investors digested the weekend's oil-market turmoil. The commodity tanked the most since 1991 on Monday morning after Saudi Arabia's surprise price cuts kicked off a production war with Russia. The move followed Russia's refusal on Friday to curb oil production and prop up the coronavirus-rattled market.
 
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Foffy

Member
Oct 25, 2017
7,391
Isn't it sad that it's something like this that will actually harm Trump? That all it's taking is a potential recession to doom the disease?

An actual crisis might be the red line, not the fifteen self-inflicted ones.
 

Tater

Member
Oct 30, 2017
379
Thank god I pulled out in time, otherwise I would have lost a lot of money.
How many times did you pull out of the market when it didn't go down?

I mean, I'm glad for you, but it's folly to assume that individuals can time the market (unless you have insider information)
 

entremet

Member
Oct 26, 2017
17,147
Isn't it sad that it's something like this that will actually harm Trump? That all it's taking is a potential recession to doom the disease?

An actual crisis might be the red line, not the fifteen self-inflicted ones.
If we hit a recession, Trump is gone. Pretty reliable historical data shows this. It's why he' so obsessed with it.

That said, I'd rather have competent leadership if worse comes worse.
 

Hobbes

Member
Oct 27, 2017
5,105
United States
How many times did you pull out of the market when it didn't go down?
Never. I pulled out on the day that I lost money for the first time (around $5 total). When there is 10 years of bullish market and China's gov shutting down provinces left and right, I kinda knew there would be a hit.

I plan to let it continue dropping before buying my former portfolio as a massive discount.
 

Foffy

Member
Oct 25, 2017
7,391
If we hit a recession, Trump is gone. Pretty reliable historical data shows this. It's why he' so obsessed with it.
Yet what he's doing is making it worse. He always does the worst thing possible, and it's almost amazing that it will be Trump himself that probably causes this to get worse.

Downplaying this crisis by trying to prop up "the market" with low numbers, when people are well aware this is going to be big enough to impact industries like aviation, almost to the point we're not talking about bailing them out (sound familiar?), is pure Trump.

All this crisis has done, amazingly enough, is make the two biggest programs of unconditionality proposed in the 2020 race seem more appealing. Much of the damage this blow will have on regular people could be significantly mitigated with a Medicare for All healthcare system, and Universal Basic Income, to help with people being quarantined. All the cards show us what we should do.

And to contrast this, we have a fuckin' baffoon who believes the best thing to do is drip feed test kits while claiming they're available in such amounts that all you have to do is ask.
 
Dec 1, 2017
207
If we hit a recession, Trump is gone. Pretty reliable historical data shows this. It's why he' so obsessed with it.

That said, I'd rather have competent leadership if worse comes worse.
Where have I seen this optimism before

If Biden is the nominee, Biden doesn't have an economical plan that can sway voters, and likely will fumble the delivery of a plan.

If Bernie is the nominee, it's easy for Trump to say 'this will only get worse with Bernie's spending plans'
 

Plinkerton

Member
Nov 4, 2017
960
A whole bunch of people who’ve only ever invested over the last 10 years and got all their tips off r/WallStreetBets are about to be really disappointed.
 

acheron_xl

Member
Oct 27, 2017
4,323
MSN, WI
Where have I seen this optimism before

If Biden is the nominee, Biden doesn't have an economical plan that can sway voters, and likely will fumble the delivery of a plan.

If Bernie is the nominee, it's easy for Trump to say 'this will only get worse with Bernie's spending plans'
His economic plan is "I'm a Democrat" which will be enough for many. People only say they care about the substance of a campaign.
 

Voyager

Member
Oct 27, 2017
1,549
Where have I seen this optimism before

If Biden is the nominee, Biden doesn't have an economical plan that can sway voters, and likely will fumble the delivery of a plan.

If Bernie is the nominee, it's easy for Trump to say 'this will only get worse with Bernie's spending plans'
Biden: Barrack Obama and I pulled us out of the last recession, I know how to do it again.

That should be enough.
 

Tater

Member
Oct 30, 2017
379
Never. I pulled out on the day that I lost money for the first time (around $5 total). When there is 10 years of bullish market and China's gov shutting down provinces left and right, I kinda knew there would be a hit.

I plan to let it continue dropping before buying my former portfolio as a massive discount.
So your portfolio didn't lose any money at the end of January, when the whole market was down a few percent? Or December of 2018?
 

Hobbes

Member
Oct 27, 2017
5,105
United States
So your portfolio didn't lose any money at the end of January, when the whole market was down a few percent? Or December of 2018?
Here's what I mean

I invested say $1000.

I gained say $50 in total for all the shares I owned.

When I pulled out, lets say I was at $995.

So I consider the loss to be $5 instead of $55. That was 2 weeks ago.
 

Ikuu

Member
Oct 27, 2017
1,641
Never. I pulled out on the day that I lost money for the first time (around $5 total). When there is 10 years of bullish market and China's gov shutting down provinces left and right, I kinda knew there would be a hit.

I plan to let it continue dropping before buying my former portfolio as a massive discount.
Why are you trying to time the market.
 

Pwnz

Member
Oct 28, 2017
8,377
Places
Where have I seen this optimism before

If Biden is the nominee, Biden doesn't have an economical plan that can sway voters, and likely will fumble the delivery of a plan.

If Bernie is the nominee, it's easy for Trump to say 'this will only get worse with Bernie's spending plans'
ROFL no incumbent president gets reelected during a major recession.
 

jon bones

Member
Oct 25, 2017
13,623
NYC
we're in for a walloping. had some cash on hand in my toddler's account so i picked up some stocks for her.

but i've doubt we've seen the worst of it. i expect a full blown recession soon.

New news new thread? Cool.

I only started investing in my 401k just last year. Should I stop?
absolutely NOT. this is the best time to start making sure you & your employer are contributing to your 401k as prices are depressed.
 

Landy828

Member
Oct 26, 2017
6,505
Clemson, SC
Yup. It is simple, voters will buy it up
Yeah, he could just run with that and it would help a lot. 🤷‍♂️

"Don't like losing all your money?"

"I helped save you all once, lets do it again."

(This has basically been the last 30± years of Presidencies. The Republicans destroy everything, the democrats rebuild it...over, and over, and over.)
 
Dec 6, 2019
1,070
we're in for a walloping. had some cash on hand in my toddler's account so i picked up some stocks for her.

but i've doubt we've seen the worst of it. i expect a full blown recession soon.



absolutely NOT. this is the best time to start making sure you & your employer are contributing to your 401k as prices are depressed.

Stock markets. Such an enigma.
 

Pwnz

Member
Oct 28, 2017
8,377
Places
Seems like a losing message. Ignorant people blame Obama for the last recession, and informed ones see that we never fully recovered from it.
No it isnt. Just because fox news created this fictional universe in which stocks crashed in 2009 after Obama took office, just hammer in facts. Bloomberg will fund attack ads showing McCain agreeing to cancel debates and Dubya sound bits. When people's retirement funds are deflated 40% they aren't going to believe the Fox new bullshit. It's the one thing they can't lie about and get away with
 

Brock Reiher

Banned
Oct 25, 2017
36,972
No it isnt. Just because fox news created this fictional universe in which stocks crashed in 2009 after Obama took office, just hammer in facts. Bloomberg will fund attack ads showing McCain agreeing to cancel debates and Dubya sound bits. When people's retirement funds are deflated 40% they aren't going to believe the Fox new bullshit. It's the one thing they can't lie about and get away with
They can go to Joe330.com to learn the true facts and see that Donald Trump's claim that Obama caused the last recession gets infinite Pinocchios.
 

Pandora012

Moderator
Oct 25, 2017
3,457
Please see the below threads to continue the conversation.


 
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