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Dow Jones Drops 500 Points, But Idiots On Wall Street Still Clap & Cheer

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  • reynolds
    Senior Member
    • Oct 2018
    • 1987

    Dow Jones Drops 500 Points, But Idiots On Wall Street Still Clap & Cheer

    U.S. stocks sink, bonds rise as economic growth fears mount



    U.S. stocks tumbled to the lowest since August as another disappointing report fueled fears that the American economy is slowing.


    The S&P 500 suffered its first back-to-back drops of more than 1 per cent this year, pushing its two-day slump to the most in two months, as private payrolls fell short of estimates a day after a manufacturing gauge slumped to the lowest in a decade. The index plunged below 2,900 and took out its average price for the past 100 days, levels it hadnít breached in a month. Carmakers sank after quarterly sales reports from Ford and General Motors added to concern over thinning profit margins in the industry. All S&P 500 sectors but one sank more than 1 per cent, with industries most sensitive to economic growth dropping the most. Tech and industrials plunged 2 per cent. The Dow Jones Industrial Average tumbled nearly 500 points.

    The hiring numbers pushed the 10-year Treasury yield lower for a fifth straight day as it pushed below 1.6 per cent. The equity rout spread to Europe, where the Stoxx 600 saw its biggest slide in 10 months and the FTSE 100 dropped the most since 2016. The disappointing data out of the U.S. and Europe, as well as weak earnings reports from automakers this week, is forcing investors to reconsider their strategies. The most recent economic numbers are driving concerns that a slowdown, which had been mostly confined to manufacturing, may be spreading to the consumer. Read more ...


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