Biggest Market Drop Ever?

So many executive orders, so much twitter. What to do? Well, discuss it here for one...

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YankeeTarheel
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Biggest Market Drop Ever?

Post by YankeeTarheel »

The Dow closed down 2997.27 points--probably the biggest point drop ever. -12.93%--largest drop since 1987.

It looked like the drop from the open would be mitigated a little but then, in the last 10 minutes, it crashed, in part because of a misleading article in the WaPo about United Health Group, based on leaked emails, that drove down UHG's stock.

It implied that UHG is heartless, keeping its people working when, in fact, 100,000 of the 350,000 employees, are frontline health care givers--the people needed to fight the pandemic--they cannot work from home. Another 70,000 are support for them. Most others get to work from home...and UHG is one of the first to freely provide allowances for child care and sick leave with pay. Anyone self-identifying as "at risk" is encouraged to work from home or take paid leave.

But the headline says:
"UnitedHealth Group tells employees to go to work unless they are in a high-risk group, have symptoms or meet other exceptions" when the body of the article has a very different message.
""If you can convince the lowest white man he's better than the best colored man, he won't notice you're picking his pocket. Hell, give him somebody to look down on, and he'll empty his pockets for you." -- LBJ

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Re: Biggest Market Drop Ever?

Post by CDFingers »

So much winning.

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Re: Biggest Market Drop Ever?

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But this is the biggest drop, the most awesome drop, far bigger than any other President ...
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Re: Biggest Market Drop Ever?

Post by highdesert »

The Dow Jones Industrial Average has closed 12.9% down, in another sign that markets fear a global recession could be on the horizon. It's the biggest percentage daily drop since the outbreak began, and the largest in one day since the Black Monday crash in 1987.

Markets dropped around the world today despite a Federal Reserve interest rate cut in the US and co-ordinated action by central banks around the world to shore up confidence. The Dow closed as President Trump said a US recession could be on the horizon and that the virus outbreak could last until August. The other main US indexes - the S&P 500 and the Nasdaq - also plunged 12% in trading on Monday.
I have a close relative who works for UHC and she works from home. It's nice right now when offices are not the best place to be, but counting up her hours she puts in a lot more than she's paid for. With her family though, it's convenient.
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Re: Biggest Market Drop Ever?

Post by senorgrand »

the drop in 87 was due to computer trading, and the market regained those losses in the next day or two. this isn't that
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Re: Biggest Market Drop Ever?

Post by YankeeTarheel »

sig230 wrote:
Mon Mar 16, 2020 4:41 pm
But this is the biggest drop, the most awesome drop, far bigger than any other President ...
Oy, Vey!
""If you can convince the lowest white man he's better than the best colored man, he won't notice you're picking his pocket. Hell, give him somebody to look down on, and he'll empty his pockets for you." -- LBJ

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Re: Biggest Market Drop Ever?

Post by YankeeTarheel »

senorgrand wrote:
Mon Mar 16, 2020 4:55 pm
the drop in 87 was due to computer trading, and the market regained those losses in the next day or two. this isn't that
No, it isn't the same. The circuit breakers kicked right at 9am. This isn't a technical drop, it's a fundamental one, based on the effect the virus is having on SO many businesses, and the absolutely criminally irresponsible, dangerous, and imbecilic actions by the ReThugs, but especially that DumbF Furor they all support.
""If you can convince the lowest white man he's better than the best colored man, he won't notice you're picking his pocket. Hell, give him somebody to look down on, and he'll empty his pockets for you." -- LBJ

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Re: Biggest Market Drop Ever?

Post by sig230 »

All eleven sectors so effects. That's about as broad a base as is possible. It certainly deserves being called fundamental.

But wait, there's more. As more and more non-us based businesses are shutting down those products that would have gone into the US supply chain will be impacted. Essential pieces parts may simply become unavailable.
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Re: Biggest Market Drop Ever?

Post by CDFingers »

The global economy based on cash flow. If the money stands still, it has no value. But if it keeps moving around, it can buy and sell stuff. Stop the flow by keeping folks inside--for good reason--will stop a lot of money flowing. e-transfers will still happen, but lots of other commerce is stifled.

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Re: Biggest Market Drop Ever?

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sig230 wrote:
Mon Mar 16, 2020 4:41 pm
But this is the biggest drop, the most awesome drop, far bigger than any other President ...
Think he'll tweet that?

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Re: Biggest Market Drop Ever?

Post by YankeeTarheel »

Resume wrote:
Mon Mar 16, 2020 9:37 pm
sig230 wrote:
Mon Mar 16, 2020 4:41 pm
But this is the biggest drop, the most awesome drop, far bigger than any other President ...
Think he'll tweet that?
Only to say "I take no responsibility for it! It's Chuck and Nancy's fault!"
""If you can convince the lowest white man he's better than the best colored man, he won't notice you're picking his pocket. Hell, give him somebody to look down on, and he'll empty his pockets for you." -- LBJ

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Re: Biggest Market Drop Ever?

Post by shinzen »

sig230 wrote:
Mon Mar 16, 2020 4:41 pm
But this is the biggest drop, the most awesome drop, far bigger than any other President ...
The absolute bigliest drop ever! No other president is even close to his mastery of nuking the markets!
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Re: Biggest Market Drop Ever?

Post by lurker »

this guy only knows two things: how to bankrupt things, and to deflect blame. why should we we expect anything different?

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Re: Biggest Market Drop Ever?

Post by YankeeTarheel »

This just keeps getting worse, day by day. Mnuchin is talking a 20% unemployment rate. Trump is contradicting him. I only believe Mnuchin when he's a gloomy gus and contradicts trump.
""If you can convince the lowest white man he's better than the best colored man, he won't notice you're picking his pocket. Hell, give him somebody to look down on, and he'll empty his pockets for you." -- LBJ

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Re: Biggest Market Drop Ever?

Post by sig230 »

Just as a reference; look at the far right column.

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Re: Biggest Market Drop Ever?

Post by K9s »

Unemployment/layoffs are already soaring. Of course, the next "numbers" will be whitewashed and called fake news, I bet.

Remember that Trump claimed unemployment numbers under Obama were fake and probably 30% unemployed.
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Re: Biggest Market Drop Ever?

Post by senorgrand »

I can see it now...shanty towns called "trump towers"
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Re: Biggest Market Drop Ever?

Post by TrueTexan »

senorgrand wrote:
Wed Mar 18, 2020 3:50 pm
I can see it now...shanty towns called "trump towers"
But he will want residuals and a fee for the use of his great and glorious name.
Facts do not cease to exist because they are ignored.-Huxley
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Re: Biggest Market Drop Ever?

Post by TrueTexan »

The market failed to make it back to 20,000 it closed at 19,898.92.
Facts do not cease to exist because they are ignored.-Huxley
The illegal we do immediately; the unconstitutional takes a little longer-Kissinger
Reasoning will never make a Man correct an ill Opinion, which by Reasoning he never acquired.-Swift

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Re: Biggest Market Drop Ever?

Post by lurker »

wait until someone tells him a war will fix this.

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Re: Biggest Market Drop Ever?

Post by CDFingers »

lurker wrote:
Wed Mar 18, 2020 10:39 pm
wait until someone tells him a war will fix this.

"War is good for business."

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Turn on channel six, the President comes on the news,
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