General Category > Economy/Business

Stocks close lower, Dow drops nearly 500 points as supply chain concerns mount amid protests in Chin

(1/1)

Free Vulcan:
Stocks closed lower Monday as social unrest from China’s prolonged Covid restrictions weighed on markets.

The Dow Jones Industrial Average lost 497.57 points, or 1.45%, to end at 33,849.46. The S&P 500 dropped 1.54% to end at 3,963.94. The Nasdaq Composite ended down 1.58% to close at 11,049.50.

Monday’s selloff was driven by demonstrations that broke out in mainland China over the weekend as people vented their frustrations with Beijing’s zero-Covid policy. Local governments tightened Covid controls as cases surged, even though earlier this month Beijing adjusted some policies that suggested the world’s second-biggest economy was on its way to reopening.

The developments reverberated across global markets in Monday trading, with West Texas Intermediate crude futures briefly dipping to their lowest price since last December.

https://www.cnbc.com/2022/11/27/stock-futures-slip-after-a-winning-holiday-week-.html

---------

The market was definitely in reaction mode today.

China not only produces alot of our stuff, but they also buy alot of dollar denominated financial products, especially our debt.

Economic disruptions in their economy is not a good thing for us.

libertybele:

--- Quote from: Free Vulcan on November 28, 2022, 10:41:29 pm ---Stocks closed lower Monday as social unrest from China’s prolonged Covid restrictions weighed on markets.

The Dow Jones Industrial Average lost 497.57 points, or 1.45%, to end at 33,849.46. The S&P 500 dropped 1.54% to end at 3,963.94. The Nasdaq Composite ended down 1.58% to close at 11,049.50.

Monday’s selloff was driven by demonstrations that broke out in mainland China over the weekend as people vented their frustrations with Beijing’s zero-Covid policy. Local governments tightened Covid controls as cases surged, even though earlier this month Beijing adjusted some policies that suggested the world’s second-biggest economy was on its way to reopening.

The developments reverberated across global markets in Monday trading, with West Texas Intermediate crude futures briefly dipping to their lowest price since last December.

https://www.cnbc.com/2022/11/27/stock-futures-slip-after-a-winning-holiday-week-.html

---------

The market was definitely in reaction mode today.

China not only produces alot of our stuff, but they also buy alot of dollar denominated financial products, especially our debt.

Economic disruptions in their economy is not a good thing for us.

--- End quote ---

From what I've read China hasn't been buying our debt and that's one reason that the markets and our economy have taken such a hit.  It is no secret that China wants to be the dominate currency; COVID was in large part released to tank our economy. Yes their lockdowns prevent goods from being made and will negatively affect our economy.  We cannot dismiss Joe & Company's involvement in all of this.

Navigation

[0] Message Index