Dow falls 2000 points as Trump's crisis response underwhelms traders, slams stocks
Response to Trump's Oval Office speech about coronavirus is being slammed by Wall St and the market is plummeting.
NBC News
The Dow Jones Industrial Average fell by 1,700 points Thursday morning after President Donald Trump’s long-awaited response to the coronavirus epidemic triggered a massive sell-off on Wall Street.
All three major averages sank after Trump’s Oval Office address Wednesday night failed to satisfy traders who were hoping for more concrete steps to staunch any economic slowdown from the viral outbreak.
Trading had been temporarily halted early Thursday morning ahead of the opening bell, after all three major averages sank below the 5 percent "limit down" marker.
In his address from the Oval Office, Trump announced he would be halting all inbound flights from Europe in an effort to limit the spread of the coronavirus. That created immediate panic as Americans abroad rushed to buy last-minute tickets home, and also fueled trader concern that suspended travel and trade between the U.S. and the European Union would come at a steep economic cost.
Travel stocks continued their double digit plunge, with airlines and hotels hardest hit.
Markets were also underwhelmed by Trump's economic stimulus package, which offers emergency loans to small businesses, deferred tax payments for some people, but made no mention of paid sick leave or free testing for the coronavirus, which continues its spread across the U.S.
It's the second time this week that markets have suspended futures trading: The S&P 500 hit the threshold on Monday morning after an oil production spat between Russia and Saudi Arabia pushed the price of oil down by 30 percent overnight, the biggest drop since the Gulf War, in 1991.
Trading was also halted later that day, when the S&P fell by more than 7 percent just minutes after the opening bell on Monday, triggering a circuit breaker.
Trump is not up to it. What else is new?
Corona Daddy took his daughter to a dance. Should Trump crack his head and drag him off to isolation for rwo weeks? Oh, the horrors of the deodorant Parisians who don’t get to dance in the Big Apple.
"you're going to get so tired of winning"
bwah ha ha ha.......
But, but, but, crooked donnie is the greatest president ever....
Reports of an unidentified disease in a region of China was reported nine weeks and four days ago. The disease was identified as a coronavirus eight weeks and four days ago. The first case outside China was confirmed eight weeks ago. The first case in the United States was confirmed six weeks and six days ago.
The interconnected global civilization has collapsed in less than nine weeks. Today the United States is not capable of adequately supplying hand sanitizer and toilet paper for its own population. The United States is not capable of supplying paper face masks for medical personnel.
Nine weeks. That's less than one trimester of a pregnancy. Global civilization has aborted itself.
A critical function of the financial sector is to manage risk. How are they doing? Nine weeks for a complete meltdown. A virus that is a little (not a lot) more aggressive than influenza overwhelmed the financial sector's ability to manage risk. And now the financial sector wants to be saved from its own incompetence.
Members of Congress are among the at-risk elderly population for COVID-19. Many have been in Congress for decades. Over those decades the elder statesmen have promoted and created an interconnected global civilization. Peace through partnership. And what those career politicians have built (at great sacrifice to the country) lasted nine weeks.
And the excuse proffered by the public and private monetary globalizers? Trump isn't being serious about the crisis. What crisis? The crisis created by the monetary globalizers because what they built over the last seven decades couldn't last nine weeks.
I didn’t time my sell perfectly but close enough where I’m happy with the gains I realized. Fortunately most of my stocks were held for more than twelve months so I won’t get stuck paying the short term capital gains rate. I see lots of upward potential once we turn the corner on the virus. With any luck we will follow the pattern of the Chinese market where there was a rapid drop in valuations followed by an equally rapid recovery. I feel good about sitting on the sidelines for now.
Very well, Ayn Rand.
It's easy for two bit investors to make chump change off the market. If those investments aren't measured with a 'b' (that's 9 zeros) then the crow is only emitting anal vapor.
You might want to consider checking those Chinese Markets. Expect another massive Chinese government intervention tonight, imo.
Ok I checked and only see a 1.5 percent drop no big deal.
Being 2.9% above the low on 2-3 is good, but not a rapid recovery and has been trending back downward... now into its 6th session.
The "Big Boys and Gals" are just "Playing the "Markets" again !
Maybe they secretly like some of Bernies proposed policys
Is the "News" faking it when they say the "Drop" is all because of the "Coronavirus" ?
its also because people with half a mind don't believe Trump, and his poor base does, leaving a confused panicking public.
If we had a real POTUS, the market would still be in trouble, but the hoax news about all fake truth, can remain aloof, when the 'Right' wings flap so much bullship that people don't know which sale to hoist to propel the economic vessel to calmer waters.
Trump and his all things are fake news if he doesn't like or agree with it, are playing a large part inn this erratically fluctuating market, imho.
No....that ain't it !
The "Regular Public Folks" rely on the Big Boys and Gals to make money in the "Market".....for them.
do you think THEY believe him ?
They're "Money Playing" !
You don't know that ?
Anything (ooooo Virus) to get the "Markets down", so they can sell at it's current value (Big Bucks), then rebuy the same stock at a lower value after it drops in price. (Make MORE Bucks).
as they always do and will. damn deep state fish wardens
So "Trump" really isn't the problem … but in "Your Mind", you're gonna "Damn" Trump over this anyway ??
Trump's carelessness with reality about what is true or not are contributing to the panicking felt around the world by the Corona Virus.
He's lied about the virus multiple times as the SCIENTISTS attempted to lay out the harsh realities of it, and its potentials.
Had he agreed instead of painting the rosier picture, i believe there would be far less uneasiness. We would still be in deep shit, but Trump and his actions have caused it to be far deeper.
From CDC modifications for dealing with pandemics, to a total fck up of the tests ( Didn't WHO offer US them ? and Trump declined ? ) to downplaying and Democratic hoax association word games etc etc. Last night he finally faced the facts, too little too late to avert the jitters.
WRONG !
The "Wall street Playas" are "USING" the Coronavirus as a "Sell off" ploy to make even more money than they already have in the market !
The only thing "Lost" so far, has been "Mega" profits.
No one has lost their initial investment, unless you were STUPID enough to buy "High" !.
i can't remember if i was "High" when i made my buys, but either way, i'll agree with you that the .001%'s can cause the market to produce them ridiculous rewards, but you hate Bernie, and he was the one wanting to take them on.
.
Trump administration gets a D on my grade scale for the handling of the virus crisis.
Stupid to trusting the gop with our economy...
The damn gop's fiscal policy always tanks it...
The damn gop still believes against all reason that by cuting taxes and increasing spending they will magically produce growth but instead deficits just soared and we end up in recession, again...
WTF are you talking about.
The word "Coronavirus" is doing the Job of "Tanking" things. Not the initials "G.O.P.".
Surprise, Surprise, Surprise !
and what grade would you give ?
From YOUR own friggin article "Link" : "Bipartisan Budget Act of 2019" ….which the House passed on Thursday"
Ummmmm…..which "Party" controlled "the House" in 2019 ?
Do you read before you "Put Out " nonsense ?
Besides....the "New Yorker" is best known for it's "Cartoonish Art work".
Grade ?
Are we in "Grade School" now ?
The GOP and their hand picked President are the ones who are supposed to be responsibly handling the crisis. Sadly, they are asleep at the wheel as usual and have made a bad situation worse by their inaction and attempt to cover their own asses instead of actually acknowledging the problem or even listening to their own health officials who were trying to warn them of the potential pitfalls. All they have been concerned with since we first heard of the corona virus has been their own political careers and avoiding any responsibility. So yeah, just like the GOP of 2008 who, during another election year, tried to avoid all responsibility for the housing market crashing, they once again are claiming everything's fine and if it isn't, then it isn't their fault.
They are !
What is it about this "Instant Gratification Disease" The "Left" can't EVER seem to shake. Not going to the "Docs Office" for "Wellness checkups" enough ?
The market downturn has nothing to do with Trump's economic policies.
This left wing induced panic will turn around next week.
Two weeks ago Trump claimed CNN who reported on the corona virus was "fake news" and called it a "hoax". He then claimed "Now, this is just my hunch, but based on a lot of conversations with a lot of people that do this, because a lot of people will have this, and it's very mild -- they'll get better very rapidly, they don't even see a doctor, they don't even call a doctor -- you never hear about those people, so you can't put them down in the category of the overall population, in terms of this corona flu, and/or virus. So you just can't do that."
"Trump has repeatedly suggested that the number of infections in the country is low or getting smaller, suggestions that have been proven incorrect. The number of cases in the United States has doubled since Monday — a tally that only includes positive tests for the virus."
So, if Hillary were president, would she not be a democratic hand picked president, or do you have a different definition with a "D" after their name?
? What are you talking about? The comment I replied to was in regards to someone claiming it was the corona virus tanking the economy, not the GOP. I pointed out that Trump is the GOP's hand picked President, so his delayed response is on them. If Hillary had been President and had cut CDC funding and been downplaying the crisis and been slow to respond then yes, it would have been on the DNC for picking her to represent them. And you know as well as I do that if it were Hillary with the exact same response as dishonest Donald and the result was a tanking economy, Republicans would have been screaming to high heaven about how inept and worthless she would be for doing such. Sad that so many Republicans have their heads so far up Trumps ass that they can't see their own monumental hypocrisy.
And the REAL reasons were ………… ?
This "Different" Corona Virus (Cold), hasn't even come close to the "Regular Everyday Flu" and "Deaths" !
It's not even in the same Ball Park !
Shocking …… Isn't it ?
March 12, 12:07 PM EDT
▼ 2,136.18
A lot of people are going to have ideas, but this is fairly unprecedented territory in our recent history. I don't think anyone knows for sure precisely what a president should or should not be doing. He's obviously hearing a lot of advice from all directions.
There is so much panic going on, I doubt there is much any president could have said that would have prevented the stock market from behaving stupidly. It's not as if there is no precedent for that.
Would be defending Obama if he were still President? Or Clinton? Or Carter? Just wondering if you excuse just those with Rs next to their names. AND before you ask - I have stated that I do not blame Trump for the panic, but I do not find his actions or words comforting, calming or inspiring a feeling of optimism. This is strictly my opinion. I do not expect you to agree, but at least be honest about you would feel if a Democrat were President at this time.
Absolutely. For example, I have always argued that Clinton was unfairly subject to excessive investigation and his impeachment unwarranted. I don't think any of these guys is right or wrong 100% of the time, but for some people, absolutely everything Trump does is not just wrong, but it's some kind of emergency or crime.
I don't even know that I would call it "defending," yet. There's not much to defend. The criticism is so vague, it's difficult to respond to. Declaring that he failed to inspire confidence or underwhelmed traders is impossibly vague.
I think it's possible to criticize Trump, but let's do it based on stuff that matters or that he can actually control.
I would be. Not a fan of Obama. But, I can push that aside long enough to see the forrest. Candidly, I thought he sounded canned as hell. I think that was probably the time for it though.
Here is what I heard last night, in a nutshell. Shit is serious, take it seriously, do what you can to prevent the spread, and don't panic.
Says it all.
I don't know cutting funds to the CDC .
Just saying....
AND would you be so supportive if Hillary were in the White House?
Nice to know. I have stated before I do not blame Trump for the panic in the public arenas or in the market. I just do not like the man, for many reasons and I do not have any confidence in him.
If Hillary had been President during this crisis and had cut funding to the CDC as Trump has done Republicans would have been calling her a murderer blaming any resulting deaths on her. You can't expect any honesty from most Trump supporters, their hypocrisy truly knows no bounds.
Good to know.
Here are my problems with that. Over the past few months he was totally incorrect on his figures and facts (that may be the fault of his advisers). There is already panic so telling people not to panic is kind of closing the barn door after the horse is out.
Just a few little things.
No, they are not, but they are responsible for how they hand outbreaks. AND this was poorly handled.
Why would the (R) or (D) by the presidents name have anything to do with how a president deals with a live and learn type situation? The presidency has no job description, it is all on the job training …
Optimism is something one either has or does not have - I listened to the current presidents words .. I listened to Obama's words when he was president as well as Bush's etc …. Obama was a better orator by far .. but his words did not somehow magically put me at peace .. that's ridiculous .. I was however young enough during the Reagan years that his words did provide a calming affect - but that was also during the cold war
Question … Has political party loyalty gone too far? .. your comment to Tacos is based on what you consider to be his partisanship correct? I read Tacos comments - I have never perceived them to be partisan...
Take care of you... and stay healthy...
Once the fear mongering slows down .. Wall Street will follow suit!
I do wonder what cutting travel from Europe is going to accomplish. This feels like the proverbial closing the barn door after the horses have escaped. This is not say I think the country should have been quarantined earlier. I don't know how he could have reasonably justified it and I also think it wouldn't have mattered. The disease appears to have been in Washington state long before anyone had any reason to suspect it.
At this point, though, I think we may have to live with the reality that this disease is going to go wherever it wants and all we can do is live through it as best we can.
How about all you Trump defenders take a read on Veronica's link post 7.2.9, then come back and see if you still want to defend our LIAR IN CHIEF !
If tRump hadn't dismantled the Pandemic Response team, because Obama, things wouldn't be such a FUBAR SNAFU I imagine at this point. Though all handling of this crisis by this administration has been so inept, incompetent and bumbling - yet typical.
THAT'S HILARIOUS!
He was reading off a teleprompter, for once. Normally, he adlibs and rambles.
So you are just another biased left winger. And I am pretty sure that Hillary would have been completely overwhelmed by something like this
We know she would be blaming someone for the outbreak.
Hi Tessylo … not certain that you understand non partisanship .. shirley you have better things to do than make comments to me .. perhaps a seed in need of comment deletions? : )
Take care Tessylo and stay healthy
So you have a Pandemic Response Team....what would they be doing? When would it have started? What would it have accomplished?
Not certain that you understand non-partisanship dear
Also, that's the point of a public forum, commenting to other users.
She works in the field and is a health expert.
And your reply shows you for who you are.
Google it
If you read Greg's response below you will know the answer to your first question.
I certainly believe party loyalty has gone way too far. I am neither Democrat or Republican. I vote for the person that I believe will be closest to my view point. Does not matter which party they belong to.
I have read many of Tacos comments on this thread and others. I was simply asking the question. I do not think it was an attack of any kind - simply a question I ask many people.
I agree totally. Keep our heads on straight and we will weather this storm as well. Some will do better than others.
Just like the 'president', do you make this shit up as you go along Greg?
I'll not disagree with that on the whole.
We can armchair this deal till we die. I can't remember anything like this in my lifetime. What are the correct words? I don't know. But, the partisan BS (not lumping you in there) isn't helping matters.
Right. I think it was the right choice under the circumstances as well.
People forget, we are ALL AMERICANS FIRST, and this 2 party surprise tuna casserole model has inhaled too much glue to stick to tape recordings of white copy paper, copied over and over, till you have even more white copy paper cuts that mimic predators looking for prey tell , possibly, copy paper cats with benign lives to kill.
.
I agree, our country has become divided, but seriously, the main common denominator i see in this division currently, is Trump.
gotta go make Happy Hour a bunch of Mellon Collie moments for the poor patrons in my proximity.
UMB hasn't got theirs together.............
‘Protect yourself and your community from coronavirus with common sense precautions: wash your hands, stay home when sick and listen to the @CDCgov and local health authorities. Save the masks for health care workers. Let’s stay calm, listen to the experts, and follow the science.’
Hmm. Obama managed to get this message out on March 4th, while Trump was still trying to pretend he had it contained.
I agree with that completely. Time to deal with what needs to be dealt with, together. I am so sick of the battle lines within the country.
Thanks for the response Veronica … I am just getting back, so am just now reading comments .. I am a question asker as well, and did not feel as if you had attacked anyone or anything in your comment - perhaps I could have worded my comment better (?) .. I just wanted to understand better where your comment was coming from ..
Thanks again ..
No, it was fine. I am just a little touchy today.
Think I missed something … when did the divide become a 'current' one (?) there has been a divide in this nation for far longer than Trump has been in the Oval Office, it is ridicules to say he is the common denominator.. and if he is the common denominator he has had 'control' of the nation for at least 20 years! Were Bush and Obama Trump's puppets? We know Romney was waiting in line for Trump's endorsement...!
I think Trump is a puke .. but he does not own the divide!
There are a lot of things going on right now .. I can see how 'being touchy' can happen .. I am watching oil prices and the possible ramifications of the Saudi's and Russia's 'flooding the oil market' war [for lack of a better term] could effect the US's 'energy independence' … quite a few moving parts in the market at this time
There will be time enough for arguing policy. Frankly, I can't stand watching any national news anymore.
Totally agree. Diseases do not recognize partisan association, nor religious affiliation, sexual preferences, gender, age, or other issues that are now tearing our country apart. The only thing it concerns itself with is a person's health. The virus does not ask a person what political party they are loyal to like some like to think.
Agreed. Well said.
Exactly. The next thing we may see is people fighting over TP.
Make mine a double.
Next, it will be someone else. The two party system is not the culprit, but the folks that are making livings in DC, I think, and whichever brand of news one likes to frequent. You are treated to either bashing or praising.
30 years or more in the house. The list of senators is similar, and includes the number of years that many of them were members of the house before being elected to the senate.
6 years ago, $50/bbl would have been scoffed at. Begging for it now. We are down in the 2016 numbers.
The Saudi's have too much power / control on oil production - Russia is so heavily sanctioned with limited sale options and still producing . Both of these countries oil is government controlled .. the US is not - a buddy of mine thinks that this could cause a US oil bust .. 'we' are kind of / sort of only energy independent when the market allows it.. (?)