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1oregonobsessionz
Since Trump is so fond of pointing out his achievements (greatest attendance at a presidential inaugural, largest audience ever for SOTU speech, stock market records day after day, etc.), I can hardly wait to see the tweet storm over today's stock market results. From The Street: The Dow Jones Industrial Average dropped 1,175 points, or 4.6%, on Monday in its largest single-day point decline ever. The S&P 500 tumbled 4.1%. The Nasdaq slid 3.8% by the close after the tech-heavy index had traded in the green earlier Monday. {emphasis added}
The Dow and the S&P 500 both slipped below their 50 day moving averages by 1:30 pm, but that was just the beginning. Very nice graph here. International markets also had a bloodbath. Devin Nunes is already searching for the secret emails that will prove Hillary caused all of this.
The Dow and the S&P 500 both slipped below their 50 day moving averages by 1:30 pm, but that was just the beginning. Very nice graph here. International markets also had a bloodbath. Devin Nunes is already searching for the secret emails that will prove Hillary caused all of this.
2proximity1
Not that this stuff really matters a whit-- but, with this much ballyhooed largest single-day fall in index share-prices, there's the semi-real fact that this same "market", is "up" overall (+) 21.30 % from the start of the year.
That, too, I suppose, must be Trump's fault since, if he gets the 'blame,' I guess he also gets the 'credit.' if that's the right term for this chimera silliness.
"Legions of multi- millionaires and billionaires take relatively large hit on their "paper" investment portfolios".
Perhaps sales in yachts, private jets, private island hide-aways, luxury travel and money-laundering tax-havens shall notice a tiny and brief "blip" in their usual affairs.
Remind me then: This is bad how?
3rastaphrog
Considering Trump HAS been taking credit for the stock market rise, he should also take the blame, not that he will, or should, just as he shouldn't take credit as the market has been on a fairly steady rise since long before he was elected.
What SHOULD be noted, at least according to what I caught on the news this morning, while the POINT DROP may be the biggest ever, percentage wise, it ranks at #25 for the worst one day drop.
What SHOULD be noted, at least according to what I caught on the news this morning, while the POINT DROP may be the biggest ever, percentage wise, it ranks at #25 for the worst one day drop.
4proximity1
>3 rastaphrog:
One could wonder who was in office when percentage-drops Nos. 1st through 24th occurred, couldn't one?
One could wonder who was in office when percentage-drops Nos. 1st through 24th occurred, couldn't one?
5margd
Stock market drop is Obama's fault (Hannity).
No, wait, it's back up again?
https://www.marketwatch.com/story/fox-news-commentator-sean-hannity-on-stock-mar...
No, wait, it's back up again?
https://www.marketwatch.com/story/fox-news-commentator-sean-hannity-on-stock-mar...
6alco261
>3 rastaphrog:
Biggest percentage
Reagan #1 22.6% Black Monday crash on Oct. 19, 1987
Hoover #2 12.8% on Oct. 28, 1929
Biggest percentage
Reagan #1 22.6% Black Monday crash on Oct. 19, 1987
Hoover #2 12.8% on Oct. 28, 1929
7oregonobsessionz
>3 rastaphrog:
>6 alco261:
Yes, of course it is the percentage gain or loss, not the point gain or loss, that is significant. When you start near an all time high, as Trump did, almost any rise is going to produce a large point gain and potentially a new high. But it is mostly the point gain he has been bragging about.
A few weeks ago, he was also claiming the greatest % rise ever for a first year president. Why he insists upon lying about things that are easily disproved, I do not know.
According to MarketWatch, the greatest first year gain, from inauguration day to one year later, was a whopping 96.1% under FDR. Amazingly rapid turnaround after 3 years of deep depression.
Trump is in 2nd place, with 32.1%, but let's not forget that he started with a tailwind.
#3 is FDR again with 30.1%, but that is for a partial year. He died in office 04/12/1945.
#4 is Obama with 28%. Pretty impressive, considering the market was in free fall when he came in, and did not start to turn around until mid March of 2009.
#5 goes to Theodore Roosevelt with 24.6%. Not sure how that was calculated, as he assumed the presidency midterm after McKinley was assassinated.
I can add a link later. Too hard to do on my phone.
>6 alco261:
Yes, of course it is the percentage gain or loss, not the point gain or loss, that is significant. When you start near an all time high, as Trump did, almost any rise is going to produce a large point gain and potentially a new high. But it is mostly the point gain he has been bragging about.
A few weeks ago, he was also claiming the greatest % rise ever for a first year president. Why he insists upon lying about things that are easily disproved, I do not know.
According to MarketWatch, the greatest first year gain, from inauguration day to one year later, was a whopping 96.1% under FDR. Amazingly rapid turnaround after 3 years of deep depression.
Trump is in 2nd place, with 32.1%, but let's not forget that he started with a tailwind.
#3 is FDR again with 30.1%, but that is for a partial year. He died in office 04/12/1945.
#4 is Obama with 28%. Pretty impressive, considering the market was in free fall when he came in, and did not start to turn around until mid March of 2009.
#5 goes to Theodore Roosevelt with 24.6%. Not sure how that was calculated, as he assumed the presidency midterm after McKinley was assassinated.
I can add a link later. Too hard to do on my phone.
8rastaphrog
Even tho he, other conservatives, and Trump himself have had no problem with Trump getting credit for the stock markets rise in the last year under current "fiscal policy" that may be carrying over from Obamas term, it's Obamas fault the market tanked.
https://www.huffingtonpost.com/entry/sean-hannity-blames-obama-stock-market-drop...
https://www.huffingtonpost.com/entry/sean-hannity-blames-obama-stock-market-drop...
9margd
Could Trump’s Spending Spree Make the Global Sell-Off Even More Hellacious?
Bess Levin | February 8, 2018
...According to the nonpartisan Committee for a Responsible Federal Budget, the proposed deal will add $320 billion to deficits over the next 10 years ($418 billion when factoring in additional interest costs). For the 2019 fiscal year alone, the group expects the deficit to hit $1.2 trillion. Sending the national debt shooting toward the stratosphere is never a great look, but combined with Trump’s ill-timed tax cuts, it could prove especially dangerous for markets, which are already inching toward the edge of a cliff.
“This is exactly the opposite of what the economic textbooks say lawmakers should be doing,” Mark Zandi, chief economist of Moody’s Analytics, told Bloomberg, adding, “Deficit-financed tax cuts and spending increases in a full-employment economy will result in more Fed tightening and higher interest rates.” That, in turn, will likely cause investors to flip out like they have been for the past several days. “An increase in debt instruments, people dumping bonds and concerns about higher inflation—that is a toxic combination,” said Alexis Crow, head of PricewaterhouseCoopers LLP’s geopolitical investing group. “Since the crisis, debt has not disappeared. It’s an unsustainable situation.”
Chris Hayes @chrislhayes
4:41 PM - Feb 8, 2018
If this spending bill passes today, the Donald Trump Stimulus, passed in into an economy at full employment, will be larger than the Barack Obama Stimulus, passed at the most precarious moment in American economic history since the Great Depression...
https://www.vanityfair.com/news/2018/02/trumps-spending-spree-global-sell-off-he...
Bess Levin | February 8, 2018
...According to the nonpartisan Committee for a Responsible Federal Budget, the proposed deal will add $320 billion to deficits over the next 10 years ($418 billion when factoring in additional interest costs). For the 2019 fiscal year alone, the group expects the deficit to hit $1.2 trillion. Sending the national debt shooting toward the stratosphere is never a great look, but combined with Trump’s ill-timed tax cuts, it could prove especially dangerous for markets, which are already inching toward the edge of a cliff.
“This is exactly the opposite of what the economic textbooks say lawmakers should be doing,” Mark Zandi, chief economist of Moody’s Analytics, told Bloomberg, adding, “Deficit-financed tax cuts and spending increases in a full-employment economy will result in more Fed tightening and higher interest rates.” That, in turn, will likely cause investors to flip out like they have been for the past several days. “An increase in debt instruments, people dumping bonds and concerns about higher inflation—that is a toxic combination,” said Alexis Crow, head of PricewaterhouseCoopers LLP’s geopolitical investing group. “Since the crisis, debt has not disappeared. It’s an unsustainable situation.”
Chris Hayes @chrislhayes
4:41 PM - Feb 8, 2018
If this spending bill passes today, the Donald Trump Stimulus, passed in into an economy at full employment, will be larger than the Barack Obama Stimulus, passed at the most precarious moment in American economic history since the Great Depression...
https://www.vanityfair.com/news/2018/02/trumps-spending-spree-global-sell-off-he...
