Dow drops 1,400 points and is now on pace to close in a bear market, down 20% from its record

[rdking647]

Source: CNBC

The coronavirus-induced sell-off reached a new low on Wednesday as Wall Street grappled with the rapid spread of the virus as well as uncertainty around a fiscal response to curb slower economic growth from the outbreak.

The Dow Jones Industrial Average traded 1,400 points lower, or 5.6%, and was 20% below its record high set earlier last month. A 20% decline is considered a bear market on Wall Street. The S&P 500 is 19.2% from its closing record and traded 5.1% lower on the day.

Read more: https://www.cnbc.com/2020/03/10/dow-futures-point-to-a-loss-of-more-than-400-points-after-tuesdays-surge.html

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it maybe setting up for another 2k point decline....
or a huge bounce.

[empedocles]

1. . . . or, after a good bounce, still another big wave down

[Politicub]

2. Oh my retirement account :(

It hurts to watch.

[mahatmakanejeeves]

3. So I go to the doctor, and I sez,

"Doc, whenever I do this, it hurts."

So he sez to me, "Stop doing that."

Comedy Drum Riff (Rimshot)
11,268 views•Aug 17, 2016

robek world
155 subscribers

For when you make a really good joke.

[JaneQPublic]

4. I can't work up the courage to check my 401(k). (nt)

[Politicub]

5. Don't look. I wish I hadn't yesterday.

I'm keeping the app closed.

[JaneQPublic]

6. I don't want to make the same mistake I did in 2008.

I got so rattled by my shrinking account, that I moved $ around to keep it "safe" but then missed out on the gains when the market began to rebound.

Yep, just "stay the course."

[Tracer]

30. I have been delaying and delaying taking money out of my retirement accounts.

I've been fortunate to be able to work from home for years. But I just turned 80 a few weeks ago and would like to "retire". I'm quite fearful of what this downturn has done to my accounts. I really can't bear to look.

[JaneQPublic]

31. Belated Happy Birthday!

That said, your situation puts mine in perspective, as someone in her early 60s and still working full time.

Regardless, there's a whole bunch of us all in the same boat regarding our retirement funds. Whether that's comforting or more distressing, I'm not quite sure.

[Bengus81]

16. So far this week about a 9.8% haircut to the DOW.........

See what happens at close on Friday.

[customerserviceguy]

18. Glad my rollover IRA

is in money market funds. I'm not a gambler.

[CountAllVotes]

19. Same here

The 5-year CD at 3.4% is looking better all of the time right now.

Its the best rate I could find in Jan. of 2019 and I snapped that right up against the advice of a financial planner/broker that called me a "stupid stupid woman".

Well who looks stupid now Mr. IDIOT (he was praising dump to the high heavens as if he is some sort of a god).

tRUMP is evil, plain greedy and evil!!

Toss him to Putin! Pooty just loves his tRUMP!

[customerserviceguy]

20. Aw, you

"cheated" him out of a commission that he thought belonged to him. And the misogynist way he handled you probably told you that you were through consulting with his sorry ass.

My second wife used to be a stock broker. She blew my old rollover IRA in the dot-bomb debacle. I was done with gambling from that moment on.

[CountAllVotes]

22. I complained, believe me

He now works for Merrill the Lynch last I heard.

He still uses the same picture he used before.

It looks cheap and disgusting, just like the POS he is!

I really dislike "financial planners".

They'll take every penny they can grab and act as it they are doing you a favor.

I too said never again after the dot-bomb bust in 2001. That was enough for me already. Who seriously buys funds with a front-end load of over 5%? Stupid people, that is who!

Luckily I got out in before it crashed badly and I've been in CDs ever since.

Rates are not greatest but better than losing and worrying yourself sick!

Sorry to read your ex ripped you off like that.

[customerserviceguy]

23. Well, she taught me a lesson

and we were divorced not too long after that over other issues. Her next husband inherited her money when she passed, believe me, he earned it.

[Joe Nation]

7. I've been out of the market since shortly after Russia got Trump elected

I am too old to ride out another 40-60% drop in the market like I did in 2008. I knew that everything Trump touches turns to crap. My 401K is steady as she goes.

[onenote]

8. Not necessarily your best move

Even with the recent losses, the Dow is up nearly 30 percent since election day 2016. Getting out in November 2016 probably cost you, especially since capital gains tax rates changed after that.

[Bengus81]

15. This drops only another 1000 points and the DOW is

back to 9/25/17. Drops another 1000 and it will probably be rolled back into early 2017 or late 2016.

[onenote]

17. On election day, the Dow was at 18332.

So after today's losses, it's up around 5000 points (or 28 percent). My point is that even if one got out of the market today, they'd have done better than those who got out back in November 2016.

[Bengus81]

25. 1/20/17 the DOW was 19,827 but if this keeps up it won't matter much

The futures are down another 900 today. I get your point,I rode it up and then cashed in my IRA with TR Price on Monday before trading. It was hard as hell to hit that sell button but I'm glad I did. It will be held in a no money making savings account (not going to tie it up for years in a MM) and then jump back in later on.

When Obama left office, Jan 20, 2017, the Dow closed at 19,827--sorry but Trump gets NO gains until he legally takes office,he was riding the wave that Obama started in March 2009 along with low unemployment. For anyone to claim that the DOW was dropping under Obama until the second Trump won the election in 2016 is bullshit.

If the DOW would have tanked all the way to Jan 2017 it ALL would have been blamed on Obama. Like wise Biden or Sanders would NEVER get the bragging rights if the DOW shot up 4,000 points between Nov 4th until Jan 2021. So...Trump can't have it both ways. The true difference in Trumps run is 3726 as of this morning points,a gain of 18.79% which could be wiped out in a week or two.

I can remember Trumps first run came crashing down in Jan 2018 at 26,616 and it took a year or more just to get back to that mark. This is 3000 points below that mark. I can remember people thinking they couldn't lose on that ride the stock market took with Bush Jr running the show and Wall St kissing his ass,wrong again.

[onenote]

27. All true, but you're moving the goalposts a bit

I was responding to a post by someone who said they got out of the market shortly after Trump was elected, not inaugurated.

[Bengus81]

29. Ok...point taken

[MichMan]

10. Not very bright, but it's your money

[Joe Nation]

32. Even today, gold is still up 17% over the day I invested in it.

How are your stocks doing?

[bucolic_frolic]

9. Down 1600+ right now 3:12EST /nt

[progree]

11. S&P 500 at 2710.86 is about a point away from bear market. Bear market begins at 2709 . 3:25 pm ET

A bear market is when it closes down 20% from the all time high. The all time closing high was 3386 on 2/19/20

349p ET update - its at 2756, on an uptick, market closes in 11 minutes, so won't be making the bear market today, probably.

When S&P 500 enters a bear market, it is the end of the longest bull market in history, the one that began in March 2009.

[Warpy]

12. Everything that slug and his team have veen doing is dead wrong

In addition, his good pal Putin has shoved a knife in his back by declaring an oil price war against the Saudis, which means energy stocks are taking a huge beating. And all any of them can think of is some flimflam OASDI cut, something that will hurt the economy even more in the long run. And wait until the rumors start to fly about how many cases there really are.

Democrats are being handed the election on a silver platter with an apple in its mouth. I wonder what they'll do this time to throw it away.

There should be 15 second PSAs now on what the Senate is doing to working people by not addressing sick leave and emergency compensation, let alone setting aside funds for increased testing.

[bucolic_frolic]

13. Some things are getting very cheap in my view

I did nibble just a hair today on a Europe Ultra ETF. It's off almost 60% compared to mid February. It's a long term hold. If it goes down another 50% from here, I will prob double up. 5 years out I don't see a lot of risk to it.

[rdking647]

14. this was just 16 days ago

Link to tweet

?s=20

[robbob]

21. Didn't Bigmouth have an opinion a few years back

on what a president should do if the stock market takes a big drop under their watch?

[JCMach1]

24. All of those bubbles are going to burst under the strain of this

We will be picking up the economic pieces long after the virus is gone

[MFM008]

26. Maggot

Ran his businesses into the ground at least 4
Maybe 6 times.
Hes just doing it to all of us now.

[duforsure]

28. Trump instills fear and no confidence in him from his lying

By the markets dropping . They don't believe or trust him because he's lying so much, and doing everything to hide the truth from them, and the American people, unless your one of them that think he doesn't lie. Those people are in trouble , and will be hurt the most from their incompetence from believing him. His lying is hurting everything, and his failure getting test kits available to everyone, after he lied saying they were.