“The public’s reaction to the virus literally has the potential to shut down the economy with travel interrupted and business meetings canceled,” Chris Rupkey, chief financial economist at MUFG Union Bank, wrote in commentary Wednesday. “The wheels of the economy can’t continue to turn as fast if the whole country avoids social interaction and tries to live online through the Internet. With less store traffic, merchants may have to actually cut prices instead of raising them. ”
The markets rallied Tuesday after a day of big swings, with the Dow closing up more than 1,100 points on word that the White House was making progress on economic measures to help industries and workers hurt by the coronavirus, including plans to cut payroll taxes, relieve hourly workers and offer targeted help for the airline, cruise and hotel industries. The gains helped ease some of the pain from Monday’s free-fall, which sent U.S. markets tumbling more than 7 percent. The sudden, sharp market drop triggered a halt to trading for 15 minutes…
Market loses another 1,300 points today …
Dow Jones Industrial Average Index
Index: DJI
23,553.22
▼ 1,464.94 (5.86%)
March 11, 4:20 PM EDT
We are officially in a Bear Market
Hell yeah, bring on the Super Bowl! Da Bears!
(Bulls will need a lot more time to reach that level)
March Madness games to be played before no fans.
(and I took all of next week off…)
In other news, I just sneezed twice in a row. Pretty sure it’s just allergies though.
Over a quarter of what you invested in a Dow-Jones index fund just a month ago has now been lost.
Dow Jones Industrial Average Index
Index: DJI
21,856.91
▼ 1,696.31 (7.20%)
March 12, 9:47 AM EDT
Year’s High
29,551.42
on Feb 12, 2020
▼-7,694.51 (-26.04%) from only a month ago
Market down -1,731 10:47 AM DST NY
They need to put that circuit breaker on Trump’s mouth!
He is useless in a crisis …..