Dow dives 724 points as Trump's China tariffs sink in

[Applewood]

Dow dives 724 points as Trump's China tariffs sink in

U.S. stocks suffered heavy losses Thursday amid a day of sharp volatility after President Donald Trump unveiled his tariffs on China, at the same time he is dealing with the departure of his chief legal eagle John Dowd.

The Dow Jones Industrial Average lost 724.42 points, or 2.93%, slipping to 23,957.89. The S&P 500 dropped 68.24 points, or 2.52%, to 2,643.69. The Nasdaq Composite fell 178.61 points, or 2.43%, to 7,166.68.

With Thursday’s declines, the Dow has retreated 9.99% from its recent high, just shy of the 10% mark that signifies correction territory. Financials led the market lower, falling 3.7% on the day. Industrials and materials were also among the worst-performing sectors in the S&P.

The sell-off came as Trump announced that the U.S. will impose tariffs on China and restrict the transfer of technology to Chinese firms. According to Trump, the tariffs on China could be as high as $60 billion, while United States Trade Representative Robert Lighthizer and the president’s chief trade advisor, Peter Navarro, told reporters in a briefing that they will be $50 billion.

...

More at:

https://www.foxbusiness.com/markets/dow-dives-724-points-as-trumps-china-tariffs-sink-in

[Applewood]

My nest egg just lost $5,000.  Thank you Donald.       

[Victoria33]

Expert higher prices for everything you buy that comes from China and that is most everything in your house.  If the item didn't come directly from China, the components they sell to put in something built in this country, also go up.

[Frank Cannon]

My nest egg just lost $5,000.  Thank you Donald.       

So I gather you were doing much better under the last administration from your tone.

[Applewood]

So I gather you were doing much better under the last administration from your tone.

I was doing a helluva lot better till Trump decided he needed an ego boost and showed it by sinking our economy with these asinine tariffs.

[Weird Tolkienish Figure]

Congress needs to take this toy away from trump.

[Applewood]

Expert higher prices for everything you buy that comes from China and that is most everything in your house.  If the item didn't come directly from China, the components they sell to put in something built in this country, also go up.

Exactly.  And contrary to Trump's way of selling these tariffs to the unions --the tariffs will not bring jobs back to the US.  Those manufacturing jobs are gone, mostly because of the unions and their greed. 

[Frank Cannon]

I was doing a helluva lot better till Trump decided he needed an ego boost and showed it by sinking our economy with these asinine tariffs.

Your perceived ego boost is another mans day of reckoning.

[DB]

Your perceived ego boost is another mans day of reckoning.

https://www.cnbc.com/2018/03/22/china-responds-to-trump-tariffs-with-proposed-list-of-us-products-to-target.html

[Weird Tolkienish Figure]

Your perceived ego boost is another mans day of reckoning.

Yeah trump really showed em huh?

[Frank Cannon]

Yeah trump really showed em huh?

So you know how this turned out? Funny. I thought this was a brand new story.

All I see is a bunch of Wall Streeters in a panic because their free money and cheap shit is drying up. They might actually have to do more than hope their HFT levers are working in the future.

[Weird Tolkienish Figure]

So you know how this turned out? Funny. I thought this was a brand new story.

All I see is a bunch of Wall Streeters in a panic because their free money and cheap shit is drying up. They might actually have to do more than hope their HFT levers are working in the future.

 

[kevindavis007]

I'm glad I got my new Lenovo laptop before this s**t. happened.

[kevindavis007]

So you know how this turned out? Funny. I thought this was a brand new story.

All I see is a bunch of Wall Streeters in a panic because their free money and cheap shit is drying up. They might actually have to do more than hope their HFT levers are working in the future.

So being forced to pay extra for union made s**t is Patriotic?

[Gefn]

My nest egg just lost $5,000.  Thank you Donald.       

I haven't looked but all my stocks went down down down....that's my retirement!

[Frank Cannon]

So being forced to pay extra for union made s**t is Patriotic?

Don't give a shit. If you calculate out the added cost to this per product, no one will notice. The added cost to an entire car is around $200. Since no one buys cars anymore and don't care about price, just the monthly lease payment, this is a nothing burger in the real world.

Personally I am interested in seeing how this plays out. Been a lot of years since we did this. Comparisons between those episodes and today are moronic. Let's see what it does in this world.

[Applewood]

I haven't looked but all my stocks went down down down....that's my retirement!

Same here.  I guess that doesn't matter to Trump supporters like @Frank Cannon  who must have plenty of money socked away and have no worries.  The rest of us have to be concerned about our financial future because our nest eggs are all we have.  It's not class envy.  It's our survival. 

Trump has no idea how his ego trips adversely affect the rest of us.  Or he does, but he really doesn't care.   

[kevindavis007]

Same here.  I guess that doesn't matter to Trump supporters like @Frank Cannon  who must have plenty of money socked away and have no worries.  The rest of us have to be concerned about our financial future because our nest eggs are all we have.  It's not class envy.  It's our survival. 

Trump has no idea how his ego trips adversely affect the rest of us.  Or he does, but he really doesn't care.

They think some magical fairy is going to spread magical dust then factories with huge armies of workers is going to magically appear.

[INVAR]

Today is a great lesson in Tax and Spend.

Tomorrow's lesson as a result of today's lesson is that I would like you all to read up on the recent collapses of Argentina and Venezuela and note some interesting comparisons.

[GrouchoTex]

People can holler "globalist" all they want, but the fact is, we are intrinsically linked to a global marketplace.
Oh well, some steel here, some aluminum there, it's no big deal. Just $200 more on a car, so what?
So when everything that is made out of steel or aluminum goes up in price, it will be significant.
Now add this today and other tariffs to come, and enjoy your price increases.
Do you think because steelworkers going back to work will enhance everybody else's pay to make up for this?
Think again.

[IsailedawayfromFR]

My nest egg just lost $5,000.  Thank you Donald.       

So how much did it go up since he was elected anyway?

Maybe 5 times as much as $5k?

BTW, if it was a 'nest egg', rudimentary financial acumen calls for it to not be in stocks, if for the long term.

If it were for the short term, you were just plain stupid.

[Frank Cannon]

Same here.  I guess that doesn't matter to Trump supporters like @Frank Cannon  who must have plenty of money socked away and have no worries.  The rest of us have to be concerned about our financial future because our nest eggs are all we have.  It's not class envy.  It's our survival. 

Trump has no idea how his ego trips adversely affect the rest of us.  Or he does, but he really doesn't care.

It doesn't matter to me because I don't have my division of assets so stock heavy that I take a $5K hit on a less than one percent move on the markets. If you were really concerned about your investments you wouldn't be crying about losing money in the worlds biggest casino.

Is your financial planner mentally retarded or are you a day trader to be in such a shitty financial position?

[Applewood]

Oh so now I'm stupid as is my financial planner. 

I have 4 funds -- domestic stocks, domestic bonds, international stock and international bonds.   Roughly a 50-50 split between stocks and bonds.  At my age, I wanted some growth, but less risk.  The setup has worked well until now. 

I expected the correction and took a hit like a lot of people. Was recovering till Donald decided to cater to the unions by starting a trade war.  He gains fans to stroke his massive ego, and the rest of us lose money. 

Wait till the cost of everything -- not just cars and not just steel or aluminum products -- becomes outrageously expensive and the jobs don't return.  Even if some manufacturing comes back to the US, the jobs won't last long.  The greedy unions will see to that.

[Frank Cannon]

Oh so now I'm stupid as is my financial planner. 

I have 4 funds -- domestic stocks, domestic bonds, international stock and international bonds.   Roughly a 50-50 split between stocks and bonds.  At my age, I wanted some growth, but less risk.  The setup has worked well until now. 

I expected the correction and took a hit like a lot of people. Was recovering till Donald decided to cater to the unions by starting a trade war.  He gains fans to stroke his massive ego, and the rest of us lose money. 

Wait till the cost of everything -- not just cars and not just steel or aluminum products -- becomes outrageously expensive and the jobs don't return.  Even if some manufacturing comes back to the US, the jobs won't last long.  The greedy unions will see to that.

First off, you wouldn't have anywhere near the stock portfolio today if Hitlary won, which is the future you really wanted since you are one of the rabid Trump haters here. That is why you irrationally are bitching about some loss on a larger gain. Secondly we are talking about 3 billion in disputed tariff items in a trade deficit that was almost $400 billion last year. No one is going to see any significant price changes anywhere. I'd actually argue that pork and ginseng prices will come down because of the loss in demand.

When Trump took office, we were looking at the stock market dropping because the zero interest free money train Wall Street was riding was coming to an end. Interest rates had to go up. That alone should have told you that your dreams of getting rich off the market was suspect. Yet you stayed in what everyone knows is a rigged game controlled by Goldman, some jackasses with HTF programs  and a handful of institutional investors. You should be sending Donny a damn thank you note for getting you the gains you did. It wasn't that long ago that the growth you are profiting on today was class room sophistry.

[kevindavis007]

Oh so now I'm stupid as is my financial planner. 

I have 4 funds -- domestic stocks, domestic bonds, international stock and international bonds.   Roughly a 50-50 split between stocks and bonds.  At my age, I wanted some growth, but less risk.  The setup has worked well until now. 

I expected the correction and took a hit like a lot of people. Was recovering till Donald decided to cater to the unions by starting a trade war.  He gains fans to stroke his massive ego, and the rest of us lose money. 

Wait till the cost of everything -- not just cars and not just steel or aluminum products -- becomes outrageously expensive and the jobs don't return.  Even if some manufacturing comes back to the US, the jobs won't last long.  The greedy unions will see to that.

5 bucks most of the jobs will be automated..