Dow plummets 750 points

[mystery-ak]

Dow plummets 750 points in worst drop since March, Amazon and tech shares lead the rout
Fred Imbert   | @foimbert
Published 10 Hours Ago Updated Moments Ago

Stocks sank on Wednesday as a steep decline in tech shares and worries of rapidly rising rates sent Wall Street on pace for its worst day in months.

The Dow Jones Industrial Average traded 750 points lower as Intel and Microsoft fell more than 3 percent each. The Nasdaq Composite plummeted 3.5 percent.

The S&P 500 dropped 2.8 percent, with the tech sector underperforming. The broad index was also headed for a five-day losing streak — which would be its longest since late 2016 — and fell below its 50-day moving average, a widely followed technical level.

The Dow was on pace for its worst day since March, while the S&P 500 was tracking for its biggest decline since February.

more
https://www.cnbc.com/2018/10/10/us-markets-bond-yields-and-data-in-focus.html

[Applewood]

What was that about the economy being really good now that Trump is president?

By the way, it's over 800 points.

[InHeavenThereIsNoBeer]

What was that about the economy being really good now that Trump is president?

By the way, it's over 800 points.

This is the stock market, not the economy.

[mirraflake]

What was that about the economy being really good now that Trump is president?

By the way, it's over 800 points.

This is actually a healthy correction. The stock market needed it.  Corrections are good.

@Applewood

[Frank Cannon]

What was that about the economy being really good now that Trump is president?

By the way, it's over 800 points.

Ah. I was wondering when you would chime in with your pathetic bullshit. I notice you had your mouth shut over the last week when the market was making record gains.

Don't worry though. I am starting a fundraiser for you so that you can get a new refrigerator box to live in under your bridge. Don't want you suffering in such dire times.

BTW since when is an effing 4 percent drop in the Dow a panic situation? The GD thing dropped 25% in '87. That is a drop. Points drops are meaningless when the damn thing is running around 26K.   

[Free Vulcan]

Well needed correction and not a big surprise. These days 750 points isn't squat for the Dow.

[Free Vulcan]

Will add to that, we were up 45% since election '16 at the peaks last week. That's about as good as it gets.

[Frank Cannon]

Will add to that, we were up 45% since election '16 at the peaks last week. That's about as good as it gets.

You mean we are down 4% from a 45% run up? Only one thing to do....

[InHeavenThereIsNoBeer]

Ah. I was wondering when you would chime in with your pathetic bullshit. I notice you had your mouth shut over the last week when the market was making record gains.

Making record gains, while going down almost every day, including being down overall even without taking today into account?

I don't think it works that way.

[Applewood]

@Frank Cannon

I had to post just to yank your chain.  I knew you would be pizzed and would have to post something.  You are just so cute when you're mad. 

By the way, the Dow has been dropping little by little over the last few days and I knew a bigger drop was coming.  No worries.  But hey, if you can raise some cash for me, I'll take it. 

[Frank Cannon]

Making record gains, while going down almost every day, including being down overall even without taking today into account?

I don't think it works that way.

Are you on crack?

[InHeavenThereIsNoBeer]

Are you on crack?

10/3	26,828.39
10/4	26,627.48
10/5	26,447.05
10/8	26,486.78
10/9	26,430.57

[endicom]

This is actually a healthy correction. The stock market needed it.  Corrections are good.

@Applewood

I agree. Let the 'bubbles' fizz off.

[edpc]

It more than doubled itself under that dumbo eared clown, due to the artificially low interest rates.  Now that they’re climbing, the numbers will settle and be more realistic to actual economic productivity.

[Frank Cannon]

10/3	26,828.39
10/4	26,627.48
10/5	26,447.05
10/8	26,486.78
10/9	26,430.57

It was 16K when Trump took office. It's 25K now.

[Free Vulcan]

It was 16K when Trump took office. It's 25K now.

I track the S&P and not the Dow. It was up over 60% at the recent peak.

Wow.

[InHeavenThereIsNoBeer]

It was 16K when Trump took office. It's 25K now.

Which has nothing to do with what happened last week, which is when you said it made record gains when actually it spent most of the time going down.

BTW, it was about 19.8K when trump took office.  A little lower the next day.

[RoosGirl]

Oh good, it's still up 3.5% for the year.  Last I looked a few months ago it was only 1%.

[Gefn]

You mean we are down 4% from a 45% run up? Only one thing to do....

I love the IT Crowd.
@Suppressed

The worst thing Wall Street can do is the “Dead Cat Bounce”, imho

[IsailedawayfromFR]

Stocks sank on Wednesday as a steep decline in tech shares and worries of rapidly rising rates sent Wall Street on pace for its worst day in months.

Where is all that news that tariffs are decimating this country?

[RoosGirl]

Where is all that news that tariffs are decimating this country?

Did you miss the article yeaterday about Ford laying people off be ause tbe tarrifs have cost them an additional $1 Billion?

[Frank Cannon]

Oh good, it's still up 3.5% for the year.  Last I looked a few months ago it was only 1%.

Yeah. Don't worry. You will be able to retire from that Hooking job on time.

[Frank Cannon]

Did you miss the article yeaterday about Ford laying people off be ause tbe tarrifs have cost them an additional $1 Billion?

Did you miss the rebuttal articles calling that spin from Ford bullshit and that their real reasons for the lay offs have been baked in the cake for years?

[RoosGirl]

Did you miss the rebuttal articles calling that spin from Ford bullshit and that their real reasons for the lay offs have been baked in the cake for years?

No, but I suspect the teuth is somewhere in between the two.

[Frank Cannon]

No, but I suspect the teuth is somewhere in between the two.

Right right right. It doesn't matter that the company has been mismanaged for years to the point they had to announce earlier this year they were stopping production of passenger cars because the only thing they can make is a light duty truck.

[edpc]

Where is all that news that tariffs are decimating this country?

It’s been right in front of you, for the past week. Why do you think you he’s campaigning in places like Topeka and Council Bluffs.  He’s talking about things like ethanol, because they’re taking a beating with soy beans and pork.  There’s no reason he would need to stump for people in these solid red areas, if the tariffs were not causing problems politically.

[mirraflake]

Actually market should go down another 1000 or so for a healthy correction.

[Frank Cannon]

It’s been right in front of you, for the past week. Why do you think you he’s campaigning in places like Topeka and Council Bluffs.  He’s talking about things like ethanol, because they’re taking a beating with soy beans and pork.  There’s no reason he would need to stump for people in these solid red areas, if the tariffs were not causing problems politically.

That's funny then that this correction didn't happen all the months the tariffs were in place. It took Fed action and a crisis in Italy get the market to move.

[Idiot]

Like a friend told me once when I asked what had caused the stock market meltdown.  "A cockroach tripped over a cigarette butt"

[RoosGirl]

Right right right. It doesn't matter that the company has been mismanaged for years to the point they had to announce earlier this year they were stopping production of passenger cars because the only thing they can make is a light duty truck.

You said that, not me.  I said it's all a contributing factor to layoffs.  Thinking that, what appears to us as a smal percentage, tarrif has no effect on a business that's in the business of buying steel is as silly as thinking their poor business decisions has no effect on the business.

[edpc]

That's funny then that this correction didn't happen all the months the tariffs were in place. It took Fed action and a crisis in Italy get the market to move.

I was answering a totally different question, specifically regarding the tariffs and not the market correction. If you want to see how they affect the market, just wait a few weeks. We are in the midst of the harvest season.

[Frank Cannon]

You said that, not me.  I said it's all a contributing factor to layoffs.  Thinking that, what appears to us as a smal percentage, tarrif has no effect on a business that's in the business of buying steel is as silly as thinking their poor business decisions has no effect on the business.

The tariff is becoming the the catch all for sick companies to divert attention away from their poor management. It's total bullshit.

We have around 6 million US companies that use steel and aluminum in their manufacturing. Why aren't all these other companies laying off or folding all together?

[RoosGirl]

The tariff is becoming the the catch all for sick companies to divert attention away from their poor management. It's total bullshit.

We have around 6 million US companies that use steel and aluminum in their manufacturing. Why aren't all these other companies laying off or folding all together?

I don't know. Maybe they havent also mismanaged the business as badly as Ford has.

[Frank Cannon]

I don't know. Maybe they havent also mismanaged the business as badly as Ford has.

Oh yeah. I forgot to add this to my argument....

[thackney]

The tariff is becoming the the catch all for sick companies to divert attention away from their poor management. It's total bullshit.

We have around 6 million US companies that use steel and aluminum in their manufacturing. Why aren't all these other companies laying off or folding all together?

Here Are 202 Companies Hurt by Trump's Tariffs
https://reason.com/archives/2018/09/14/tariff-victims

[RoosGirl]

Oh yeah. I forgot to add this to my argument....

No need, I knew it was implied.

[Frank Cannon]

Here Are 202 Companies Hurt by Trump's Tariffs
https://reason.com/archives/2018/09/14/tariff-victims

Looks like another list of maybes and coulds from the nit wits at Reason.

[edpc]

Why aren't all these other companies laying off or folding all together?

It’s been happening all year.  Most of them don’t have the deep pockets of a major auto manufacturer.   Here is just a few examples you can find with a simple search of ‘steel aluminum tariffs layoffs.’

http://fortune.com/2018/07/05/trump-tariffs-us-layoffs/

https://www.npr.org/2018/03/24/596744980/trumps-tariffs-lead-to-layoffs-at-steel-beer-keg-company

https://www.thestar.com/news/canada/2018/06/30/us-steel-tariffs-cause-layoffs-in-sault-ste-marie-ont.html

[Frank Cannon]

It’s been happening all year.  Most of them don’t have the deep pockets of a major auto manufacturer.   Here is just a few examples you can find with a simple search of ‘steel aluminum tariffs layoffs.’

http://fortune.com/2018/07/05/trump-tariffs-us-layoffs/

https://www.npr.org/2018/03/24/596744980/trumps-tariffs-lead-to-layoffs-at-steel-beer-keg-company

https://www.thestar.com/news/canada/2018/06/30/us-steel-tariffs-cause-layoffs-in-sault-ste-marie-ont.html

Shit. A company in Ontario is laying off people. That will really ruin some lives in Texas.

BTW that canard you keep pimping about the nail company has been disproved already. Tariffs didn't hurt them. 

[IsailedawayfromFR]

Did you miss the article yeaterday about Ford laying people off be ause tbe tarrifs have cost them an additional $1 Billion?

did u miss my BS alert?

http://www.gopbriefingroom.com/index.php/topic,335951.msg1817911.html#msg1817911

[edpc]

Shit. A company in Ontario is laying off people. That will really ruin some lives in Texas.

It didn’t do much for the Tenaris employees in Arkansas.


http://www.kait8.com/story/27815839/community-reacts-to-300-layoffs-at-tenaris/

[Frank Cannon]

It didn’t do much for the Tenaris employees in Arkansas.


http://www.kait8.com/story/27815839/community-reacts-to-300-layoffs-at-tenaris/

Did President Trump drive his Delorean 88 MPH to get back to 2015 to cause these lay offs to happen?

BTW I hate to break this to you but Tenarus is doing so well now they are taking over other companies in the world. They have a deal going in Saudi Arabia.

[RoosGirl]

Did President Trump drive his Delorean 88 MPH to get back to 2015 to cause these lay offs to happen?

BTW I hate to break this to you but Tenarus is doing so well now they are taking over other companies in the world. They have a deal going in Saudi Arabia.

Hey, I learned from that article that gas prices are going down.  Awesome.

[edpc]

Did President Trump drive his Delorean 88 MPH to get back to 2015 to cause these lay offs to happen?

No, he used it to go back to my eye appointment this past March and convince me not to get bifocals with my new specs, because of vanity.   

[Fishrrman]

Glad I got out of all stocks about ten years ago.
It was just a 401k anyway, converted it to bonds and money market cash.

Let it go up, let it go down, I no longer care!

[Wingnut]

Oh yeah. I forgot to add this to my argument....

Ford is the toad of the car companies. 

[Frank Cannon]

Glad I got out of all stocks about ten years ago.
It was just a 401k anyway, converted it to bonds and money market cash.

Let it go up, let it go down, I no longer care!

You going long strip clubs like me then.

[RoosGirl]

I liked Ford because they were the only domestic that didn't take the gov't bailout.  And my Ford truck runs like a champ.

[thackney]

I liked Ford because they were the only domestic that didn't take the gov't bailout.  And my Ford truck runs like a champ.

There is a reason the F-series has been the best selling truck in the US for over 40 years in a row.  And it has now become the number one selling vehicle in the world.

[edpc]

There is a reason the F-series has been the best selling truck in the US for over 40 years in a row.  And it has now become the number one selling vehicle in the world.

It doesn’t set the bar - it is the bar.  Dennis Leary told me so.