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

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Loudninja

Loudninja

Member
Oct 27, 2017
42,179
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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markets.businessinsider.com

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

Early in Monday's session, US stocks were halted for the first time since the depths of the financial crisis.
markets.businessinsider.com markets.businessinsider.com
 
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Foffy

Foffy

Member
Oct 25, 2017
16,375
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

Tater

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Oct 30, 2017
2,583
Hobbes said:
Thank god I pulled out in time, otherwise I would have lost a lot of money.
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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

entremet

You wouldn't toast a NES cartridge
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Oct 26, 2017
59,940
Foffy said:
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.
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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.
 

Deleted member 18944

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Tater said:
How many times did you pull out of the market when it didn't go down?
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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

Foffy

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Oct 25, 2017
16,375
entremet said:
If we hit a recession, Trump is gone. Pretty reliable historical data shows this. It's why he' so obsessed with it.
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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.
 

clockworkinyou

Member
Dec 1, 2017
279
entremet said:
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.
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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

Plinkerton

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Nov 4, 2017
6,058
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

acheron_xl

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Oct 27, 2017
7,447
MSN, WI
clockworkinyou said:
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'
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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

Voyager

Banned
Oct 27, 2017
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clockworkinyou said:
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'
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Biden: Barrack Obama and I pulled us out of the last recession, I know how to do it again.

That should be enough.
 
Ricelord

Ricelord

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Oct 25, 2017
6,462
20952371_867474640095270_1938750208804388864_n.gif

how low can you go...
 
Darryl M R

Darryl M R

The Spectacular PlayStation-Man
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Oct 25, 2017
9,716
I wish I had more liquid cash to buy some property and discounted stocks.
 
Tater

Tater

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Oct 30, 2017
2,583
Hobbes said:
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.
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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?
 

Deleted member 18944

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Tater said:
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?
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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

Ikuu

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Oct 27, 2017
2,294
Hobbes said:
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.
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Why are you trying to time the market.
 
Pwnz

Pwnz

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Oct 28, 2017
14,279
Places
clockworkinyou said:
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'
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ROFL no incumbent president gets reelected during a major recession.
 
jon bones

jon bones

Member
Oct 25, 2017
25,987
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.

AbsoluteZero0K said:
New news new thread? Cool.

I only started investing in my 401k just last year. Should I stop?
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absolutely NOT. this is the best time to start making sure you & your employer are contributing to your 401k as prices are depressed.
 
Landy828

Landy828

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Oct 26, 2017
13,385
Clemson, SC
Pwnz said:
Yup. It is simple, voters will buy it up
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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.)
 
AbsoluteZero0K

AbsoluteZero0K

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jon bones said:
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.
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Stock markets. Such an enigma.
 
Pwnz

Pwnz

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Brock Reiher said:
Seems like a losing message. Ignorant people blame Obama for the last recession, and informed ones see that we never fully recovered from it.
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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
 

Deleted member 176

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Pwnz said:
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
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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

Pandora012

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

www.resetera.com

Stock Market Watch |OT| I've stocked up on market watches, what now?

Might be a historically bad day point wise, depending on where the market finishes. Not too much of a blip percentage wise though as markets arent too far off alltime highs. There was a decent sell-off late last week so we shall see if we run into a similar situation (which looked very scary at...
www.resetera.com www.resetera.com

www.resetera.com

CNBC: Stock market being halted for 15 min to combat dramatic 7% plunge of stocks, DOW and S&P 500

We have a sort of de facto stock market thread but this was eye-catching. Apologies if old. https://www.resetera.com/threads/the-dow-is-down-aka-stock-market-watch-2020.133055/ UPDATE: Reopened, still troubled UPDATE: it was fake news
www.resetera.com www.resetera.com
 
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