Posted on 02/27/2020 5:19:18 PM PST by david1292
U.S. stocks plummeted on Thursday in a day of chaotic trading as investors sought shelter from potential economic consequences of coronavirus.
The Dow Jones Industrial Average fell 4.4 percent, about 1,190 points. The Nasdaq Composite tumbled 4.6 percent. The S&P 500 declined 4.4 percent.
It was the biggest one-day point drop in the history of both the Dow and the S&P, although far from the largest decline in percentage terms. As the indexes rise over time, each point up or down represents a smaller movement.
All three indexes are down for the year and 10 percent below their recent highs, a decline that many market watchers consider the official sign of a market “correction.” The Dow has lost 11 percent in just three days, putting the blue-chip index on a path for the worst week since the financial crisis. For the S&P 500, it was the swiftest plunge into correction territory from an all-time high since at least 1980, the Wall Street Journal reported.
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Goldman Sachs put out a note on Thursday saying U.S. companies would see no earnings growth at all due to the coronavirus outbreak.
“US companies will generate no earnings growth in 2020,” David Kostin, Goldman Sachs’ chief U.S. equity strategist, wr0te in a note to clients. “Our reduced profit forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for US exporters, disruption to the supply chain for many US firms, a slowdown in US economic activity, and elevated business uncertainty.”
Global companies based in the U.S. have been warning investors that they expect sales in China to plummet and anticipate challenges from supply-chain disruptions as China struggles to get its production back up after the coronavirus devastation and strict quarantines that closed many businesses and kept workers at home.
(Excerpt) Read more at breitbart.com ...
If you know it’s a big deal why does it matter to you if others don’t?
you’re a grown man. Why do you need validation?
Take whatever steps you deem necessary.
We’re all adults around here and will live with our own decisions and the fallout regarding the virus and its effects.
Do it now than have a correction closer to Election time! Correct now & move up again slowly going into Election time!
That would be perfect timing!
Here is your crying towel.
As for me, I believe it will be, what it will be.
It is my hope that this could drive down the price point of new Luxury Diesel Pushers.
A spacecraft for those who desire to follow Hale-Bopp 2 should soon be available. I’ll be selling tickets for only $29.95.
It’s not just China but S. Korea, all of S.E. Asia, likely India and possibly Japan getting socked by an epidemic. It’s still too early to say that “it’s just another flu”.
My nephew’s wife is sick in hospital in Bangkok with a serious vertigo problem that predates the present coronavirus epidemic. She was transported yesterday by ambulance (a pickup with a canopy on the back) to a hospital that has the specialized diagnostic equipment she needs (probably MRI).
The first hospital she was in has an infectious disease ward that was crowded with suspected coronavirus patients. I’m glad she left that place.
I don’t think this is a big deal. At least it would not be a big deal if it wasn’t for the media. This really doesn’t seem to be that lethal. The main problem seems to be the easy spread. Just like the flu. So now we have something in addition to the flu to worry about but...the flu vaccine this year has been more effective than past years so it will all balance out.
All of my stocks have been hit hard. Apple, no surprise, down 6.54% today. Target down 4.55%, Nike down 3.75%.
In a surprise to me, General Dynamics is also down 3.15% just today. GD is a surprise because they are primarily a defense and other Govt. contractor and shipbuilder.
It wouldn’t be nearly as much of a problem without the free-traitor regime that left us with so much to do to rebuild manufacturing on our own soil. Look at how many people are flying back and forth on this planet. We now find yet another danger to our economy as a result of what the free globalists have been doing to us for 50 years.
Thank goodness for President Trump and the populist paradigm, and may he face and defeat Bernie in the general election! We’ve had more than enough of “bought” and paid-for, anti-American socialists presiding over both political parties and won’t let it happen again!
Little typo correction:
It wouldn’t be nearly as much of a problem without the free-traitor regime that left us with so much to do to rebuild manufacturing on our own soil. Look at how many people are flying back and forth on this planet. We now find yet another danger to our economy as a result of what the globalists have been doing to us for 50 years.
Thank goodness for President Trump and the populist paradigm, and may he face and defeat Bernie in the general election! We’ve had more than enough of “bought” and paid-for, anti-American socialists presiding over both political parties and won’t let it happen again!
And I’ll add that the same worldly BushHillary supporters are out to violate our Second Amendment and other rights because of their guilt and fear.
;>)
On the economy, by the way, we’ll recover. The virus might also slow down in the warm weather just ahead of us. Most of us are looking at a couple of very nice days this weekend.
The Left is getting desperate with the never ending schemes to get Trump, and even the big ones like Russia and Impeachment didn’t work. So now I wonder if one of Brennan’s left over CIA agent’s took a virus from a unknown lab and planted outside the Wuhan lab in China to create world chaos. Seems like they always come up with a new talking point when the last one doesn’t work anymore, for the newsreaders to have Never Ending Hysteria. Now we are going to have to ban airplanes.
Well, I am sure there are those that he does not wish to see suffer. I know I've got young and naive family members that I would not care to see suffer.
“I don’t understand how anyone thinks this isn’t a big deal. This is going to cause severe economic disruption.”
It’s easy to understand - prior downturns were caused by one of two factors - either just psychological panic (Oct. 1986, for example) or overextended credit (2008 housing crash). Both of these types of factors are easy to fix, either by waiting it out (as in 1986) or ‘injecting liquidity’ in some way, such as printing money (as in 2008).
In this case, and maybe I’m missing something, but I don’t see how either of the above approaches can make up for the 1.3 million containers that never left port in China this month.
“In a surprise to me, General Dynamics is also down 3.15% just today. GD is a surprise because they are primarily a defense and other Govt. contractor and shipbuilder.”
They may ‘assemble’ ships and DOD items, but do they really ‘build’ them? I suspect that, this week, the management there found out where the components for their electronics come from.
Are you ready for the market halt tomorrow?
Calm down.
Not to worry, we have POTUS telling us it’s all under control.
We’re safe.
Until we’re not.
Now the markets on the other hand are not responding at all to fears of a contagion. Or even pandemic.
They are responding to real conditions in the marketplace.
Darn humans are screwing things up again. Especially those fear mongers who are spreading panic with their outsized predictions of doom./s
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