Dow drops nearly 550 points, sending its two-day loss total to nearly 1,400 points

[DonViejo]

Source: The Washington Post


By Taylor Telford, Anna Fifield and Gerry Shih October 11 at 4:03 PM

U.S. markets suffered deeper losses Thursday, following on a global rout as investors lost their nerve over rising U.S. interest rates and fresh worries about an economic slowdown.

Concerns about U.S.-China ties weighed heavily, too. U.S. markets rebounded briefly after it was announced that President Trump would meet with Chinese leader Xi Jinping at next month’s G-20 summit in Buenos Aires to discuss the intensifying trade conflict.

The Dow Jones industrial average ended the day down 2.1 percent, or 546 points, pushing the two day loss to nearly 1,400 points. The broad-index Standard & Poor’s 500-stock index was off 2 percent. The tech-heavy Nasdaq notched its second day of trouble with a 1.3 percent loss.

The markets landed in the red despite a government report that showed consumer prices rose less than expected last month. U.S. consumer prices rose 0.1 percent in September, following a 0.2 percent increase in August.

Read more: https://www.washingtonpost.com/world/markets-across-asia-open-down-sharply-following-wall-st-tumble/2018/10/10/ef1e5422-ccc9-11e8-920f-dd52e1ae4570_story.html

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Wall St. Extends Drop Into Sixth Day After Global Sell-Off

By Alexandra Stevenson, Jack Ewing and Matt Phillips
Oct. 11, 2018

Wall Street tumbled again on Thursday, as choppy trading gave way to broad-based stock declines late in the afternoon.

Investors are contending with multiple concerns, including rising borrowing costs that could dampen economic growth and growing tensions between Beijing and Washington. Worries about rising interest rates eased briefly early in the day after a report showing muted inflation helped send yields on government bonds lower.

But jitters emerged again in the afternoon, when declines in the Standard & Poor’s 500-stock index began to gather pace. Shortly before 3 p.m. the broad index was again down more than 2 percent. That was on top of a 3.3 percent decline the day before. The S. & P. 500, the market benchmark, closed lower on Thursday, its sixth straight daily decline.

“The global economy and markets are in a delicate situation,” said Carsten Brzeski, chief economist at ING Bank in Frankfurt. “While the status quo is still good, risks are increasing.”

more
https://www.nytimes.com/2018/10/11/business/stock-market-global.html

[saidsimplesimon]

1. Buckle up for a wild ride, imo

[Farmer-Rick]

2. Thanks Traitor Trump. You knew he was going to break the economy.

He broke everything else.

[barbtries]

4. republicans always break the economy.

trump would be nothing without republicans.

[Farmer-Rick]

9. True that

In fact the RepubliCONS were in charge leading up to and when both the Great Depression and the Great Recession happened....coincidence? Not likely.

[thegoose]

12. They clean out the treasury to give to the rich

And themselves. Then they start a war to enforce bullshit patriotism and to curtail protesting. It's been the same every time.

The difference this time would be since Orange Anus loves his killers, we'd join forces with Pootie and Li'l Rocket Man to wage war against the European Union. Yikes -- even writing that scares me.

[Bengus81]

25. Then...label Dems as TAX and SPEND LIBERALS once again.........

When they come in to clean up the DISASTER. Once fixed IDIOTS once again put Republicans back in power to LOOT. Rinse and repeat.......

[barbtries]

29. yep

and every damn time, they're paying less taxes and widening the income equality gap and steering us closer to another great depression.

[workinclasszero]

27. Its what GOP presidents and Congresses do

How many damn times do the American voters have to be taken to the cleaners by ****ing republicans before they get the message?!

[Bengus81]

3. George W. Bush all over again..........

Except when that dumb ass blew up the stock market I was still working.

[Roadside Attraction]

5. Remember . . .

The DJIA hit 25,000 TWICE under Trump.

Once going up.

The second time coming down.

[groundloop]

6. Time for Democrats to rescue the economy again (and not get credit for it)

Once again, right on schedule, a Repuke administration is screwing up our economy with yet another version of trickle down smoke and mirrors black magic. A Democratic administration will fix it AGAIN, but the fixes won't take hold as fast as everyone wants ....... (have we seen this horror film before, or what?).

[workinclasszero]

28. No we won't get any credit at all!

The lyin stinking GOP will blame the democrats every step of the way for their destruction of the economy, count on it!

The MSM will be silent in the face of all the GOP's lies about it like they were with President Obama's clean up of the Bush disaster.

[truthisfreedom]

7. And trump blamed the Fed, refusing to acknowledge his own failure

Fail fail fail. Lie lie lie.

[7962]

8. The Trump recession.

Or buying opportunity. Depending on how far she falls!

[leftyladyfrommo]

10. Blames it on the Fed gone crazy.

Presidents aren't supposed to comment on the Fed or the SC.

Now he will probably try to fire the Fed.

[beachbum bob]

11. We are at a precipice as IF this a start of long awaited correction,

We could see another 3000 points or more come off the market. Trump and GOP will of course start blaming democrats and the coming blue wave as instilling the market sell off...why candidates NOW must go on the offense against trump and GOP on causing this from their failed economic policies and trade wars...don't let them get ahead in the blame game.

[empedocles]

13. 30 yr mortgage rates have climbed from a low of 3.41 to 4.9%

What will that do to the housing markets? Lot less house for the same price.

[30 year interest rates are set, not by the Fed, by by markets long term anticipations/projections.]

[FakeNoose]

14. Pretty soon we're going to hear

... that Cheeto got out of the stock market the day before it "crashed."
He's done the same thing before.

[ffr]

15. It's the economy, stupid!

Oh nevermind, you're already there.

[IronLionZion]

16. Listen to Alison Krosik explain why the Fed has to raise rates

Dipshit's tax cuts were pouring gasoline on a hot economy and it is overheating. Rates have to rise to avoid inflation.

https://www.cnn.com/2018/10/11/investing/dow-stock-market-today/index.html

And the Fed has to reduce their stimulus so that they would have the tools to help when the next crisis happens. Except this time, we are deeper in debt than ever before and won't have tax dollars available for stimulus. The GOP is going to wreck our economy and leave Dems with the tab. When a future Dem president inherits a broken economy and attempts to fix it, we'll hear the GOP obstruct because of the debt. Just like they did with Obama.

[Bernardo de La Paz]

17. Points smoints. Percentages are what really count, and SP500 much better indicator than Dow. . . nt

[Shipwack]

20. Neither are an indicator of -real- economic health... nt

[Bernardo de La Paz]

21. True. . . . nt

[Midnightwalk]

18. Tariffs and Deficits

Trump's tariffs are pushing up costs on business. Republicans blew a hole in the deficit and interest rates are rising. I hope we're saying that whenever we can.

[raccoon]

19. Thanks, Dotard. Nt

[question everything]

22. And tomorrow will be worse

Investors don’t like to keep uncertainty on Friday.

At least Whiny Donny no longer brag about the market. Might this negate his bragging about how great the economy that “I alone” have created? And therefore Republicans should be elected?

[Midnight Writer]

23. Thank God I have the Trump Tax Cuts to make up for the loss of 40 years of retirement savings.

[bucolic_frolic]

24. The markets reflect uncertainty

The Trump presidency is crumbling. 2019 will be a very different landscape

[KPN]

26. More bad news. Getting old. Getting personal.

[ck4829]

30. Kick

[ProfessorGAC]

31. DJIA Is Down 5.01% In A Month

And 0.79% over the last 3 months.

Since the first market day of this year (Jan 2) it's down 0.27%.

In the 96 months between inauguration 2008 to same day 2016, the DJIA averaged 0.97% increase per month.

In the 21.5 months since the buffoon has been in office, the DJIA averaged 1.14% per month, and THERE WAS NO RECESSION THE WHOLE TIME!

IOW, the policies of this gang have done NOTHING for investors.