The market bleeding continues…
We ARE headed for the recession that some of us thought WAS coming….
We are being hit by a virus and a economic bottom fall out…
And the country has NO leadership from a clueless President Trump…
The stock market extended its relentless, breathtaking drop Thursday — moving deeper into bear territory — with major U.S. indexes sinking as much as 8%. Stocks fell so fast, it triggered a 15-minute halt in trading for the second time this week.
The Dow Jones Industrial Average plunged more than 1,900 points, or 8%. The S&P 500 and the Nasdaq were each down about 7%.
Those indexes are now down at least 24% from record highs set just last month.
The market tumble came hours after President Trump announced a 30-day ban on travel from European countries (but not the United Kingdom) to the United States.
Trump said it was an effort to stem the spread of the coronavirus, but the move caused confusion on both sides of the Atlantic and drew skepticism from several health experts. And it was also another blow to airlines, hotels and tourist attractions that have already taken a beating.
Thursday’s stock market drop followed a nearly 6% percent plunge in the Dow on Wednesday, when the blue chip index entered a bear market, defined as falling 20% from its peak. The S&P 500 is now also in a bear market, ending an 11-year winning streak….
Trading at the NYSE has been stopped.
The Federal Reserve Bank of New York announced Thursday that it will spend $1.5 trillion to purchase financial assets in a titanic bid to pump cash into the bond market amid panic on Wall Street.
The New York Fed said in a Thursday statement it will drastically increase the scale of its repurchase (repo) agreements, during which it buys Treasury bonds and other securities from banks and traders with an agreement to sell the product back with interest the following day or soon after.
It will offer $500 billion in repo operations on Thursday followed by $1 trillion in repo agreements Friday “to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak.”
The decision to dramatically increase the scale of Fed repo operations came “pursuant to instruction” from Federal Reserve Chairman Jerome Powell, the New York Fed said in a statement.
The Fed’s bid to refuel financial markets comes amid spiking anxiety among economists and investors about the potential economic toll of the coronavirus outbreak, which the World Health Organization formally designated a pandemic on Thursday.
Widespread school and university closures, event cancellations and pleas from public officials for social distancing have also revealed the scale of disruption and upheaval the coronavirus will cause in the U.S., raising the odds of a recession….
More…
It was 19,804 on Jan. 20, 2017.
At this rate it will be lower than that by end of day tomorrow.
Market down -1,800. 1:32PM…DST NY
Trading was closed down for 15min
Travel stocks are in the toilet