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Author Topic: Dow Jones plunges more than 650 points as selloff roils markets  (Read 1105 times)

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Offline SirLinksALot

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Dow Jones plunges more than 650 points as selloff roils markets
« on: February 02, 2018, 09:10:03 pm »
SOURCE: CHICAGO TRIBUNE

URL: http://www.chicagotribune.com/business/ct-biz-dow-jones-stock-market-falls-20180202-story.html

by Jeremy Herron


The Dow Jones Industrial Average tumbled by more than 650 points in the biggest plunge since Donald Trump’s election, as a rout in the bond market spilled into equities.

It plummeted to 25,512, falling 674 points, or 2.6 percent, as the markets finished their worst week in two years.

Strong jobs data that increased the likelihood the Federal Reserve will lift rates next month sent bond bulls scurrying and rattled equity investors who haven’t seen a week this bad in two years. The selling accelerated after Dallas Fed President Robert Kaplan suggested more than three hikes may be necessary this year. The 10-year Treasury yield popped above 2.85 percent for the first time since January 2014.

“Yields have risen, inflation evidence is rising rather broadly. It’s that combo of factors that’s starting to mount,” Jim Paulsen, chief investment strategist at Leuthold Weeden, said by phone. “And then you get a report, and that’s the straw that breaks the camel’s back, and that’s kind of what we got into today.”

There was nowhere to hide on the stock market, with all 11 S&P 500 sectors lower. The index’s five-day rout topped 3 percent -- marking its first pullback of at least that much in a record 404 days. Energy shares sank 4 percent as earnings disappointed and crude slumped. The tech selloff worsened, sending the Nasdaq 100 Index lower by 1.5 percent. It’s on track for the worst week since February 2006. Not even a record rally at Amazon.com Inc. could rescue the measure, as the world’s biggest company, Apple Inc. hit its lowest since October.

(Excerpt) Read more at above link ...
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Offline guitar4jesus

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Re: Dow Jones plunges more than 650 points as selloff roils markets
« Reply #1 on: February 02, 2018, 09:18:30 pm »
This ought to get the nuts wound up....

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Offline SirLinksALot

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Re: Dow Jones plunges more than 650 points as selloff roils markets
« Reply #2 on: February 02, 2018, 09:51:54 pm »
If the market drops like today 3 or 4 more times consecutively, then it’ll be something.

Otherwise, it's just a normal correction for an already over bought market.

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Offline Frank Cannon

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Re: Dow Jones plunges more than 650 points as selloff roils markets
« Reply #3 on: February 02, 2018, 09:56:05 pm »
20 years ago a 600 point swing meant something. Where the Dow is now this is nothing.

BTW this has nothing to do with the FISA news today. The Fed is going to jack interest rates because the economy is doing TOO good. Bonds are taking a hit too.
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Offline Free Vulcan

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Re: Dow Jones plunges more than 650 points as selloff roils markets
« Reply #4 on: February 02, 2018, 10:16:43 pm »
Absolutely true. The market is three times what it was 20 years ago when 500 points was a big deal.

It's was also hugely overbought and in need of correction. Ray Charles could have seen this coming.
« Last Edit: February 03, 2018, 01:19:40 pm by Free Vulcan »
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Offline catfish1957

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Re: Dow Jones plunges more than 650 points as selloff roils markets
« Reply #5 on: February 02, 2018, 10:32:04 pm »
Trump's been taking credit for this run up. 

Will he take ownership too if we see. a 40% correction?

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Offline Suppressed

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Re: Dow Jones plunges more than 650 points as selloff roils markets
« Reply #6 on: February 03, 2018, 05:36:44 am »
Quote from: catfish1957 on February 02, 2018, 10:32:04 pm
Trump's been taking credit for this run up. 

Will he take ownership too if we see. a 40% correction?

He actually might. He lies about other things and claims credit for fake stats..
Why can't he just brag about the stock market even if it goes down in the real world?
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Offline Applewood

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Re: Dow Jones plunges more than 650 points as selloff roils markets
« Reply #7 on: February 03, 2018, 02:42:25 pm »
Just saw a local news report which said this drop is "the worst since President Trump took office." 

Um...no...worst maybe since 2008.  Trump wasn't president then. 

Already blaming Trump for the drop,

This was not unexpected.  Last year I heard a "correction" was imminent.  When it didn't happen, the pundits said it would happen this year. 

Seems logical the market would fall given the fantastic rise of the Dow.  What goes up must go down.

Just so people don't panic and the government doesn't try to fix things. 
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Offline LMAO

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Re: Dow Jones plunges more than 650 points as selloff roils markets
« Reply #8 on: February 03, 2018, 05:10:23 pm »
Quote from: Applewood on February 03, 2018, 02:42:25 pm
Just saw a local news report which said this drop is "the worst since President Trump took office." 



 Unless  I am misreading this,  that actually  is accurate

 Barack Obama had some pretty steep drops during his watch. A couple years ago there was 1000. Drop
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Offline Applewood

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Re: Dow Jones plunges more than 650 points as selloff roils markets
« Reply #9 on: February 03, 2018, 06:26:58 pm »
Quote from: LMAO on February 03, 2018, 05:10:23 pm
Unless  I am misreading this,  that actually  is accurate

 Barack Obama had some pretty steep drops during his watch. A couple years ago there was 1000. Drop

The implication I got from the report was that the steep drop was somehow caused by Trump.  It wasn't... just as the meteoric rise in the stock market wasn't Trump's doing either.
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Offline IsailedawayfromFR

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Re: Dow Jones plunges more than 650 points as selloff roils markets
« Reply #10 on: February 05, 2018, 01:46:41 pm »
Quote from: Frank Cannon on February 02, 2018, 09:56:05 pm
20 years ago a 600 point swing meant something. Where the Dow is now this is nothing.

BTW this has nothing to do with the FISA news today. The Fed is going to jack interest rates because the economy is doing TOO good. Bonds are taking a hit too.
The Feds will jack rates as we have a new Fed chief who knows they have been held down far too long.

I certainly would not go big on bank stocks in the near term, as they have been juiced up a long time by these low rates.
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Offline IsailedawayfromFR

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Re: Dow Jones plunges more than 650 points as selloff roils markets
« Reply #11 on: February 05, 2018, 01:49:19 pm »
Quote from: Suppressed on February 03, 2018, 05:36:44 am
He actually might. He lies about other things and claims credit for fake stats..
Why can't he just brag about the stock market even if it goes down in the real world?
A 40% correction will still be a positive gain in the real world as it has gone up 44% since he was elected.
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Offline Slip18

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Re: Dow Jones plunges more than 650 points as selloff roils markets
« Reply #12 on: February 05, 2018, 02:42:17 pm »
Don't sweat it.  This is a "normal" dip.  Now only -186.94 on DJIA, Nazzie -47.65 S&P --19.87.  But moving in both directions quickly.  Now DJIA -247.10.  It is a bumpy ride right now.
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Offline InHeavenThereIsNoBeer

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Re: Dow Jones plunges more than 650 points as selloff roils markets
« Reply #13 on: February 05, 2018, 05:06:28 pm »
Quote from: IsailedawayfromFR on February 05, 2018, 01:49:19 pm
A 40% correction will still be a positive gain in the real world as it has gone up 44% since he was elected.

No, that would amount to a 14.6% loss.
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Offline IsailedawayfromFR

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Re: Dow Jones plunges more than 650 points as selloff roils markets
« Reply #14 on: February 06, 2018, 04:05:25 am »
Quote from: InHeavenThereIsNoBeer on February 05, 2018, 05:06:28 pm
No, that would amount to a 14.6% loss.
You are absolutely mathematically correct.  Thanks for reminding me the percentages upward do not correspond to those downward.
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