Sharp falls wipe out Wall Street's 2018 gains

[Póg mo 1,749]

I thought the tax law would at least keep wall Street going for a year or two, but no.

 

Thanks Obama: https://www.bbc.com/news/business-45971791

 

Wall Street fell sharply on Wednesday, erasing the gains posted this year for two of the three main indexes.

The Dow Jones Industrial Average sank 2.4% to 24,583.4 points, while the S&P 500 plunged 3.1% to 2,656.1 points.

The losses pushed the two indices into negative territory for the year.

The Nasdaq also fell more than 4.4% to 7,108.4 points amid concerns about weak corporate profits, trade tensions and other uncertainties.

That was the biggest one-day fall for the technology-focused index since August 2011.

Tech shares were among those hardest hit, with Amazon falling 5.9%, Facebook down 5.4%, Google owner Alphabet off 4.8% and Netflix sinking 9.4%.

Nate Thooft at Manulife Mutual Funds said: "Costs are increasing and it's often tariff-related. We also reached a potential peak for earnings - companies that show marginal weakness take a beating."

The Dow is now on track for its worst month since May 2010.

Some of the 30 companies in that index suffered big falls, with Caterpillar down 5.6% and 3M off 4.2% compounding declines on Tuesday in the wake of disappointing results.

The falls on Wall Street came after official figures showed US home sales fell to their slowest pace in nearly two years, and a Federal Reserve report indicated that companies across America were concerned about the impact of tariffs and widespread labour shortages.

The expectation that the Federal Reserve will continue to raise interest rates has also spooked investors this month.

 

https://www.bbc.com/news/business-45971791

[The Nature Boy 7,659]

Congrats , after two years of trying to find something negative about Americas direction under Trump and failing miserably, something finally broke your way.  We are still up about 5K points since h took office. 

 

You must have a really advanced case of TDS to find it amusing and be happy about it . BTW Trump had the 2nd biggest 1 year gain in the history of the USA

[Póg mo 1,749]

1 hour ago, Marty Byrde said:

Congrats , after two years of trying to find something negative about Americas direction under Trump and failing miserably, something finally broke your way.  We are still up about 5K points since h took office. 

 

You must have a really advanced case of TDS to find it amusing and be happy about it . BTW Trump had the 2nd biggest 1 year gain in the history of the USA

I did say thanks Obama.

[Voice of Reason 10,298]

1 hour ago, Póg mo said:

I did say thanks Obama.

Would you be as excited if the Captain of your aircraft was failing in his job to land the airplane safely?

[TBoneTX 43,040]

Reason for the falling market is fear that Democrats will be elected to anything.

[Dashinka 23,230]

4 hours ago, TBoneTX said:

Reason for the falling market is fear that Democrats will be elected to anything.

It is amazing how much the market reacts to politics.  Doesn't this happen in October fairly regularly?

[OriZ 3,157]

7 hours ago, Satisfied said:

Would you be as excited if the Captain of your aircraft was failing in his job to land the airplane safely?

Haha respectfully I disagree with this comparison. This is more like...captain of the airplane decided to perform an emergency landing in order to avoid a potential worse crash later on when he runs out of fuel. 😉

Edited October 25, 2018 by OriZ

[jg121783 3,907]

11 hours ago, Satisfied said:

Would you be as excited if the Captain of your aircraft was failing in his job to land the airplane safely?

If the captain was a Republican I think the answer would be yes.

4 hours ago, OriZ said:

Haha respectfully I disagree with this comparison. This is more like...captain of the airplane decided to perform an emergency landing in order to avoid a potential worse crash later on when he runs out of fuel. 😉

Good analogy. The captain took over the plane and quickly realized the ground crew didn't give them enough fuel to get to their destination. The previous captain knew this and kept flying pretending this wasn't the case.