Quickie today (yeah – I know I said that LAST week) as Freepers declare “I’ll tumble for ya”.
Dow tumbles 650 points to new low on day, bringing 2-day losses to more than 1,400 points
CNBC ^ | 10/11/2018 | Fred Imbert
Posted on 10/11/2018, 1:57:57 PM by BradtotheBone
Stocks fell in volatile trading Thursday, a day after the major indexes suffered steep losses sparked by higher rates and a sell-off in tech shares.
The Dow Jones Industrial Average traded 650 points lower, bringing its two-day losses to more than 1,400 points. The S&P 500 dropped 2.1 percent and was on pace for a six-day losing streak. The broad index also broke below its 200-day moving average for the first time since May. The Nasdaq Composite pulled back 1.5 percent and entered correction territory.
The major indexes fell after some of the major tech names failed to recover from steep losses in the previous session. Netflix fell more than 1.5 percent after briefly trading higher. Apple also declined 0.8 percent, erasing earlier gains.
Tech shares fell more than 4.5 percent on Wednesday, marking their worst day since 2011. The sell-off led to the Dow sinking more than 800 points and the S&P 500 dropping more than 3 percent. It was also the 28th time since 2011 the S&P 500 posted a more than 2 percent decline, according to data from Birinyi Associates.
“It’s a momentum correction, not a portfolio correction,” said Joe Terranova, chief market strategist at Virtus Investment Partners. “While we have a bias to believe 2008 could happen again, I don’t think this is the case.”
“Less is more in this environment,” Terranova added. “I think you need to be an observer of the guidance you get in earnings.”
Stocks tried to rebound earlier in the day after the release of weaker-than-expected inflation data. The U.S. government said the consumer price index rose 0.1 percent in September, well below the expected gain of 0.2 percent.
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Not Good!!!
Thanks for that cutting-edge analysis.
So – who’s to blame??
To: BradtotheBone
Soros.
2 posted on 10/11/2018, 1:59:04 PM by cowboyusa (America Cowboy UP!)
I don’t know why I bother.
To: BradtotheBone
The Dow is getting crushed.
3 posted on 10/11/2018, 1:59:23 PM by tatown
SO much winning!!
To: BradtotheBone
Billionaire RATs trying to crash it before the mid-terms.
Yep – because nothing says “billionaire” like losing 1400 points on your investments.
IF only evidence of it could be found.
4 posted on 10/11/2018, 2:00:25 PM by lgjhn23 (It’s easy to be liberal when you’re dumber than a box of rocks.)
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More at the “continue reading” clicky link thingy.
Continue reading “Today on Tommy T’s Obsession with the Freeperati – “How now, down DOW?” edition”