Dow tumbles more than 450 points in early trading, wiping out all gains this year

[DonViejo]

Source: The Washington Post



By Thomas Heath November 20 at 9:38 AM

Global markets tumbled Tuesday heading toward the Thanksgiving holiday as the weeks-long swoon in technology stocks deepened and dragged other sectors — including retail — with it.

All three major U.S. indexes were likely to see their 2018 gains erased if the market decline holds through the session.

The Dow Jones industrial average dropped more than 450 points out of the gate. Boeing, Apple and Caterpillar were all leading the Dow down.

The Nasdaq composite continued to sell off as the technology majors powering the bull mark markets over the last year continue to sell off on fears of a slowdown.

Read more: https://www.washingtonpost.com/business/economy/dow-tumbles-more-than-450-points-in-early-trading-wiping-out-all-gains-this-year/2018/11/20/3ebabe98-ecce-11e8-96d4-0d23f2aaad09_story.html

[Botany]

1. Now when is Trump gonna talk about too much winning?

BTW he sounds like Hitler in this cut.

[BootinUp]

2. Clearly this is Obama's fault. Nt

[PeeJ52]

3. Well at least we had that tax cut to help us...

Oh wait... that tax cut only helped the 1%... at least there are plenty of minimum wage jobs without benefits we can get. If we each get two jobs a piece we can afford to buy our own health insurance and save for retirement....

[watoos]

16. The tax cuts were part of the problem

Trump's great economy was artificially created. he let corporations bring back untaxed revenue for pennies on the dollar which they proceeded to use in buying back stock. He slashed corporate taxes and taxes for the rich which gutted revenue. The stock market should be booming with Trump's corporate welfare. Oh but to do this Trump has added 1.5 trillion dollars to the debt. Trump is raising interest rates and now I see that home building confidence has fallen drastically.

Oh and those tax cuts for the middle class, just wait till tax time this April and Trumpers find out their refunds are a lot smaller than normal.

But hey, income inequality is steadily growing, 8 people own 1/2 of the world's wealth.

[SWBTATTReg]

24. And they're finding out that all of this supposed untaxed earnings that would be flooding back ...

into the country after the 2018 tax cut and jobs act passed hasn't materialized and it won't. Those supposed untaxed earnings were simply on the book entries so all of this supposed unused money that would come flooding back in was already here, just simply another entry under another category on the accounting books.

Another republican lie.

The republicans lied about deficits too being a holy terror and good gosh, must be taken care of (according to them). Liars and hypocrites.

The republicans lied about the 2018 tax cut and jobs act would result in about $9000 in savings/earnings for each American. Liars.

And you're absolutely right in that so few own so much. So much for hard work ethics and the like, eh?

[Thomas Hurt]

4. Watch, Trump will be saying that he will save the economy if only...

we name him emperor of the universe forever....or it was the witchhunt...or fake news....or Obama. The christofascist Lord and Savior's mere presence is not swaying the market anymore.

[beachbum bob]

5. trump/GOP taxcuts have created the market mess as majority of corporate taxcuts been used

for stock buybacks which artificially (and temporarily) drive up the stock price with no reflection of actual corporate performance. The market is way oversold and when the correction his, we could still see a 20-30% drop in addition to what we have already seen this year

[Iliyah]

6. Shithole will blame the mid-term win on Democrats

and his idiot base will believe it.

[James48]

7. Its a BEAR MARKET

A TRUMPY BEAR Market.

[Cal Tek]

10. Or.....

[oberliner]

8. That is depressing

[Monsieur_Grumpe]

9. My 401K accounts are NOT winning

Thanks tRump.

[GatoGordo]

14. retirement accounts fluctuate year over year

I have some down years, but over the span of the last 30 they have been very much up*. The point being, retirement funds are long haul investments. Trump is a moron, but I have faith in my fellow Americans... these are the people who keep coming through year after year for over 200 years. These people keep winning, and keep me winning.

Trump won't stay POTUS.

I won't cheer for down markets no matter who is the POTUS.


*On average, 8% over the last 30+ years.

[watoos]

17. They weren't very much up in 2008

This could be another 2008 or worse.

[mahatmakanejeeves]

19. I might be wincing, but I haven't called off my automatic investment.

The term you're looking for is "buying opportunity."

I'll use it in a sentence: "You haven't lost everything; think of this as a buying opportunity."

[Achilleaze]

11. republicans always screw over America's economy

[NCjack]

12. The Orange Menace is killing the Obama stock market!!! nt

[MontanaMama]

13. Got my statement for my 401K last week.

I’d lost all 2018 gains by the end of October. Guess we haven’t plumbed the depths of how low it’ll go yet.

[MrScorpio]

15. Trump economy, here we come!

[IronLionZion]

18. Wealthy people have been selling high and taking their gains this year

lots of executives sell their shares immediately after a tax cut-funded buyback raises the prices.

[mastermind]

20. but, but, but

trillion dollar companies, trillion dollar companies

[mahatmakanejeeves]

21. From The Wall Street Journal.:

MARKETS | U.S. MARKETS

U.S. Stocks Fall as Tech Selloff Spreads

The S&P 500 and Dow industrials briefly slip below their October troughs

By Corrie Driebusch
Updated Nov. 20, 2018 11:35 a.m. ET

U.S. stocks tumbled Tuesday, putting major U.S. indexes at risk of closing below their October lows and wiping out yearly gains.

What started as a technology company selloff bled into other corners of the market, as investors dumped shares of everything from retailers to oil-and-gas companies in favor of relatively safe assets such as bonds and reliable dividend payers like utility companies.

The result: Some traders who stepped in to scoop up shares in late October, hoping for a quick rebound, are now in danger of losing those potential profits and more. That puts the stock market in a tenuous position, several said.

“The buy-the-dippers are getting concerned,” said Justin Wiggs, managing director in equity trading at Stifel Nicolaus. According to his calculations, as of this morning about 16% of S&P 500 companies are now below their October lows. Those companies range from tech giants to health-care companies to energy firms. ... “Now it’s just let’s sell everything,” he said.
....

Write to Corrie Driebusch at [e-mail]

{Linked to via Drudge. I wanted to see what how he was going to blame this on you-know-whom.}

[4du]

22. This is only the start, as I told you on November 12

when the Dow opened at 25,959. "if the loss is more than 400 points on the Dow, tomorrow it will be up at some point (not necessarily at the close). However, the trend over the next 2 months will be down. The market is based on expectations. Money flooded into the economy this year via Tax cuts and deficit spending. Year to year company earnings looked very good P/E expanded and the market hit new highs. Next year there will be a less money which will enter the economy to stimulate it. Year to year earnings will not look as good, P/E will shrink and the market will go down. Perhaps even crash if a black swan event occurs."

[duforsure]

23. This was expected from all of trump and the republican nazi's policies

You can't take trillions out of the economy from taking health care away from millions, transferring trillions more to the wealthiest people in this country, and impose tariffs driving costs sky high and expect the economy not to be hurt, and just like W Bush did, and we had a recession. Even trump knows that, but he'll blame others again for what everyone knows he and the republicans caused the markets to crash. This will only get worse as they rob more from the middle class and the poor. Add to that all their spending is causing the interest rates to shoot up, and all the damage they've done is exposing their greed and incompetence. Trump and the gop were bribed by the wealthy to give them billions yearly in huge tax breaks forever, and the donors told them pass this huge breaks for them or they'll not give them more funding for themselves and their campaigns again. They were bribed to do this, so they did it.

[smb]

25. Buckle Up For The TRUMP SLUMP nt

[workinclasszero]

26. TRUMP SLUMP!

Typical GOP....steal from the middle class and poor. Give to the rich.

Does not do a damn thing for the 99% except drive up prices and then the inevitable crash!

I wonder if the Trump crash/recession/depression will be worse than Shrub Jr's was?

[John Fante]

27. Doubtful. The Great Recession was a cataclysm decades in

the making.

Having said that, a Trump recession would send his already dismal approval ratings into the toilet and all but nuke his chances of winning a second term. It could get quite nasty too.

[ck4829]

28. Kick