U.S. MARKETS POUNDED AS CHINA CRISIS INTENSIFIES
|| By FITSNEWS || U.S. stocks followed the (downward) lead of Asian and European markets on Monday, with the Dow Jones industrial average plunging 588.40 points (shedding 3.57 percent of its volume). The Nasdaq and S&P 500 followed suit, dropping 179.79 points (3.82 percent) and 77.68 points (3.94 percent), respectively.
It could have been worse …
In the first ten minutes of trading early Monday morning, the Dow Jones fell by more than 1,000 points – roughly what it shed during all of last week. The Dow closed at 15,871.35 – well off of its all-time high of 18,312.39 (set just three months ago).
Monday’s 588-point plunge was the worst one-day loss since August of 2011 …
What’s driving the sell-off? China …
The world’s largest economy is finally cooling after decades of double-digit growth … putting a hurt on industries which rely on its marketplace.
“We could be in the early stage of a very serious situation,” former U.S. Treasury Secretary Lawrence Summers tweeted.
Ya think?
31 comments
FITSNews done shit enough bricks to build a house.
Who told you so, Dumbass?
No worries. Rocky told us ALL is good (my broker made me $9,000 early and told me to bury it in the backyard). In the past he has told me to RELAX!
You should follow his advice. Buy some gold or go live in a cave. The market is up 100% since Obama took office. The market dropped 25% under Bush. So I am not feeling too bad.
Oh.Obama also told us low gas prices is a sign of a bad economy.
Uh, no he didn’t. Low gas prices are a sign of either less demand or over supply. Less demand is coming from China, not the US.
Yes he did….
“Obama responded with the claim that gas prices fall when the economy does – and that’s why gas was so cheap as President Bush’s tenure came to an end.
“The economy was on the verge of collapse, because we were about to go through the worst recession since the Great Depression, as a consequence of some of the same policies that Gov. Romney’s now promoting.”
From a debate with Romney.
how many times are you going to re-post that?
**clearing throat**
Until you renounce your American citizenship, socialist. :)
I burn American flag for Allah!!!!
And all that US shale and fracked oil and gas.
YOU BETCHA!
I can see the “Tiger in MY TANK”!
You want to raise our gas taxes so we pay even more, so you can just shut the hell up.
Geeze. TRADING is up, but it no longer reflects the economy. And many of those stocks are higher because of the government money funneled into the companies. Obama jacked up government debt by TRILLIONS in order to boost the stock market. Tell me how that’s such a good thing….
What in the FUCK does Obama have to do with Chinese and European markets in this context?
Sue SC since you missed your education.
Explain it them, smartass.
Hmm, lets see Dow when Bush took office 10,578. Dow when Bush Left office 7949. So under Bush’s Presidency the Dow lost 25% of its value.
Dow when Obama took office 7,949. Dow now 15,871. So during the Obama Presidency the Dow has almost doubled i.e. almost a 100% increase in value. It has taken a lot of work for Obama to fix the damage Bush caused. I’ll take those kinds of disasters all day long.
Yeah, but how did Halliburton and the Carlisle Group do?
YOU BETCHA!I can see mega profits from my screen!
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Isn’t capitalism wonderful? Y’all got spanked by that ‘invisible hand’ you love so much.
Low interest rates and high debts means the fed has nothing. China’ economic slowdown and global companies buying back their own stock at reasonable p/e ratios because they don’t want to invest in new products or factories But make a quick exit are the major reasons.and now the market will shit a big ‘BRIC’ and the devaluation of those currencies mean infrastructure bonds default. No place to run or hide. ‘Correction of the market’ is like calling rape a honeymoon. And this will happen again and again until more people finally understand that markets need to be carefully regulated and it makes a difference if capitalism is paired with a communist dictatorship ( China), a brutish or more sophisticated oligarchy ( Russia and US) or constrained within a democratic or socia- democratic framework ( Scandinavian countries, Finland ). But thst way too sophisticated for the ‘wall builders’ here…
Thank you ROCKY for that evening BenedicKtion!
China is the best example of what over-regulation can do. Market volatility is natural. Letting your central bank manipulate the currency values to smooth out the volatility spikes or prop up the bloated market caps is a proposition where everyone loses.
China is a very good example of over-regulation – I agree. Market volatility is NOT a sign of a ‘healthy’ market – certainly not with 1000 point drops. The US oligarchies have been keeping interest rates low in order to stabilize an untenable financial situation. If only profit maximization is the goal you will end up either in a state monopolistic capitalism (China) or artificial markets that do not reflect ‘demand and supply’ (i.e. US) – capitalism in the end destroys its own basis and will not be a system that we can rely on to organize labor and wealth. A new market order will emerge better that the soviet-style command approach and the ‘hype ‘n hustle US capitalism – it will be messy but necessary.
Dow futures up 600 – oooops – the end isn’t near now. Buy gold, get a reverse mortgage, fill the kitchen with canned good, buy beans and rice, bottled water.
All time high corporate valuations, time for you to go big Rocky and buy up all the blue chips!
:)
Only reason is China lowered interest rate a quarter of percent and are not requiring their banks to hold as much money.
Trump is right.China owns us under Obama.
We own you even with Trump as president – the Yuan will be lead currency in 3-5years.
Hey genius – down 205 Tuesday evening!
I love it when the same people who argue evolution and self-organization is not possible speak of “the market searching for a new low”…isn’t this all the work of the Lord?
Let us get some perspective here. Monday’s drop of 588.47 points in the Dow represents a decline of 3.58%. Some of us remember “Black Monday” on 19 October 1987 when a Dow drop of 508 points represented a 22.6% decline.
George Herbert Walker Bush had criticized Reagan’s budget views as “voodoo economics”, so I delighted in categorizing that day as “doo-doo economics.”
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Everybody here shat a brick when the Dow dropped 588.47 points on Monday. when the Dow soared more than 600 points, or 4% on Wednesday. That was its third-biggest point gain of all time and its largest since Oct. 28, 2008.