Dow plunges more than 600 points in another day of losses, officially wiping out its 2018 gains

[DonViejo]

Source: The Washington Post



By Thomas Heath October 24 at 4:03 PM

The Dow Jones industrial average dove more than 600 points Wednesday as another wave of volatility swept through U.S. financial markets.

The blue-chip index bobbed in the red most of the session, dragged down by a weak housing report and a beleaguered technology sector that continues to show weakness. Tech stocks are down 7 percent this month.

The Dow’s drop was a sharp reversal from its upward early-morning momentum that came off of a strong earnings report from aircraft maker Boeing. It fell 606 points, or 2.4 percent, to close at 24,584.50 — its 13th loss in 15 sessions.

The Standard & Poor’s 500-stock index was off 3 percent in afternoon trading. The tech-heavy Nasdaq was taking heavier losses, down 4.4 percent. It is in correction territory, down 10.3 percent from its September 2018 high.

Read more: https://www.washingtonpost.com/business/economy/us-stocks-whipsawed-in-fresh-wave-of-volatility/2018/10/24/b9b75066-d7a2-11e8-a10f-b51546b10756_story.html

[lagomorph777]

1. The new wave of GOP terror attacks might not help either...

especially since most of them are in and around NYC.

[IronLionZion]

2. They got tired of winning

And realized those tax cuts weren't what they appeared to be

[modrepub]

17. Just Wait Until Next Year's Tax Bill Comes Due

There are going to be a lot of surprised and angry people (from high state tax states) who are going to owe thousands on their federal taxes. Now THAT is going to have an impact on consumer spending! (dummies)

[olddad56]

19. what about corporations that had a 40% tax cut this year, next year that cut will be priced in.

then the market will really tank.

[IronLionZion]

23. Stock buybacks propped up the markets

it's painfully obvious that this is a house of cards not based on any fundamentals

[ck4829]

24. Indeed

[BumRushDaShow]

3. Didn't realize that the S&P had reached correction status

but then it covers so many more stocks too... The Dow needs to drop 2600 off its record high to get its 10%.

[Progressive Jones]

20. I love how the financial sector refers to people being robbed by Wall St. as a "correction". nt

[BumRushDaShow]

22. In this case it's people who invest in the stock market getting robbed (but also 401(k)s too). nt.

[ck4829]

25. +1

[ffr]

4. If republicans were smart they'd just start bombing polling places to stop the voting

That's really their best chance on preventing democracy from happening.

[riversedge]

6. quiet. don't give the mushroom any hints.

[durablend]

11. As if they haven't thought of that... n/t

[bucolic_frolic]

8. These events today could be phase 1

the timing around the elections is very suspicious

[NCjack]

5. The cause is well-known --

It's Pres. Obama fault.

[machoneman]

7. Oh, I thought it was....Hillary's fault! I stand...

corrected!

[gopiscrap]

12. it's both of theirs and the librul media

BTW I love the Cubs. EWhen I first came to the US Tacoma was it's AAA farm team and my first real paycheck was from them

[Joe Nation]

9. 14 of 19 bear market triggers has B of A raising eyebrows

We may be in for a bumpy ride this fall. October is the usual culprit month for stock collapses at least historically. I have heavily invested away from the stock market and into traditional safe securities. If the market crashes tomorrow, I lose nothing. If the stock market drops to eight or nine thousand, we are looking at a recession comparable to 2008 or even much worse. If that happens, I will pretty much be smoking gold cigars.

[osmium]

14. Autumn is typically the worst season for equities...although

September is generally when the froth is blown off.

The market and the post-2008-9 expansion is 'tired.' Tiny and his Wharton degree have really tossed a spanner into the works.

Tariffs are bad, m'kay.

When everyone is fearful, be bold. People aren't fearful(regarding the equities markets and health of the economy) yet. It's coming. I will ride it out just like every other time.

I have generally subscribed to the tenet that no U.S. administration can really move the global economy in the short term. Tiny has really tried to stop growth - and give me a case of cognitive dissonance - through stupid policies. However, unlike some, I adapt my thinking to current reality.

Those pesky tariffs are a wildcard that I didn't see in the deck. Given that another round is going into effect with the turn of the new year, things could get pretty weird. That said, it is clear that an Administration can move the global economy. I have seen it once before - with Obama's handling of the Great Recession - and Tiny seems hellbent on unraveling the economy he was handed. That seems truly odd for a purported Biz. school grad and a self-proclaimed financial genius. Maybe it's just me. Nah. Tiny has no idea WTF he's doing.

Obama's moves left me scratching my head; but dammit, they worked! Tiny's moves too, have left me with a balder spot on the melon, but I have evolved. I now know that policies - good and bad - can be truly impactful. Let's hope the landing is a soft one.

[Achilleaze]

10. #TrumpSlump (R)

KGOP republikcans have pissed all over America and America's economy, ruining the Gold left by Obama and the Dems.

Tragic.

[gopiscrap]

13. yup

[NCjack]

15. The stock market has eaten its way through the sugar high

Trump gave it with the taxcut for the rich. Mnuchin must have shown Trump the T-Dept's 3rd-Qtr leading indicators, and he shit his pants that there will be a market crash named for him. That's why he wants another taxcut for the rich -- or for anyone -- to get more money into the economy. But, it's not going to work. The fool could have extended the Obama bull market by giving the poor tax cuts and rebates, and by starting an infrastructure program. We will be lucky to avoid a (I'm not going to use the "d-word&quot . Thanks for nothing, Trump, Ryan, and McConnell.

[Achilleaze]

16. Yup, he* pissed all over the Obama (D) bull market

and revealed himself for the multi-bankrupt, draft-dodging, casino-hustling liar and cheater he obviously is. republicans still refuse to get a clue. We knew republicans hated truth and decency, and now we know they hate reality, too.

* Comrade Dirty Donny (R)

[yurbud]

18. another businessman president...

[Judi Lynn]

21. Fact check: Did Trump pull off an 'economic turnaround?'

"The Economy is soooo good, perhaps the best in our country’s history," Trump said on Twitter on Monday.

Sep. 10, 2018 / 3:40 PM CDT
By Jane C. Timm

. . .


“The Economy is soooo good, perhaps the best in our country’s history,” Trump wrote on Twitter on Monday.

Earlier this summer, he stood on the South Lawn of the White House and boasted about achieving a "turnaround of historic proportions" — an "economic miracle."

. . .

https://www.nbcnews.com/politics/politics-news/fact-check-economy-booming-who-gets-credit-trump-or-obama-n908286

[enid602]

26. "Dow plunges more than 600 points in another day of losses"

Groundhogs Day

[PoindexterOglethorpe]

27. You do realize that story is from last Wednesday, yes?

Right now, Monday morning, the Dow is up nearly 300 points, although the trading day is young.

And to all who have posted nonsense about the market being artificially propped up or how the little people are robbed when the market declines, over time the market rises 10% a year. Sometimes more. Sometimes less. Some years it declines. But buying and holding for the long term is almost always a good strategy, although there are some exceptions.

[DonViejo]

28. To whom are you addressing your comment? eom

[PoindexterOglethorpe]

29. Those comments are to some other posts in this thread.

I didn't feel like explicitly responding to several posts.

[DonViejo]

30. Okay, thanks for responding. Appreciated! eom