Posted on 03/16/2020 6:41:56 AM PDT by Enlightened1
Stocks fell sharply on Monday even after the Federal Reserve embarked on a massive monetary stimulus campaign to curb slower economic growth amid the coronavirus outbreak.
The S&P 500 dropped 8.14% shortly after the open, triggering a “circuit breaker” trading halt that will last for 15 minutes. The Dow Jones Industrial Average fell 9.7%, or 2,250 points. The Nasdaq Composite slid 6.1%.
Before the open, futures contracts tied to the major averages hit their “limit down” levels, meaning they could not trade below that threshold. Those limits are imposed by the CME Group to maintain orderly market behavior.
While the central bank’s actions may help ease the functioning of markets, many investors said they would ultimately want to see coronavirus cases peaking and falling in the U.S. before it was safe to take on risk and buy equities again.
“The Fed blasted its monetary bazooka for sure,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. “This better work because I don’t know what they have left and no amount of money raining from the sky will cure this virus. Only time and medicine will.”
(Excerpt) Read more at cnbc.com ...
The stock market was open for 3 minutes and it hit the first circuit breaker.
Trading halted.
3 damn minutes!
Only 69 dead in a country of 330 million.
To compare it cancer has killed 1.6 million people in 2020 alone. Yet no one is screaming it is the end of the world.
The Flu has killed 100,303 this season (which is 13 weeks). Yet no one screaming it is the end of the world.
This could be another Black Monday...20% is possible.
It’s almost as if someone (cough...deepstate...cough) was wanting to crash the economy...
At this point I think it’s ridiculous. Certainly this isn’t worthy of tanking the economy and all levels of society.
DJIA is down 2,675 points.
Exactly!
Make no mistake they are striking back.
President Trump needs to recognize this.
Not sure why they did not close the markets for a couple weeks. This is insanity.
Oh, it is MOST worth the pain for dems who want, at any price, to retake power.
Happy?
I think we knew over the weekend it was going to be bad on Monday. Maybe it would have been even worse without the rate drop. But one thing we know.. People are panicked and will stay panicked for months.. I predict DOW will go to 12-15 thousand whenever it is this thing hits bottom. Fear Not..
WE WILL RECOVER.
Several small business owners I know are seriously concerned about their ability to remain afloat.
Well “they” finally got us. A made of hoax over the sniffles potentially kills the economy. Way to go.
I agree....just a continuation of an ongoing coup. Now they are starting to curtail businesses on when they can stay open and how many people allowed in. IMHO there is a lot more going on here other than a virus.
Agree watching it. Down about 2,800 points
I’m very sure he does. The cold war is about to get hot.
I think that is possible, but I also think it is just the lemming/herd mentality.
My wife was in the grocery store getting our normal needs this morning and there were some empty shelves, and she suddenly caught herself thinking that maybe we should stock up on a bunch of some things. And she was able to snap out of it.
But this sort of thing can hit critical mass where everyone panics, if only because they see everyone else doing it and they don’t want to be caught standing during musical chairs when the music stops.
Closes for the day if it drops 20% I believe.
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