Dow plunges 1,500 points as U.S. coronavirus cases rise, amid Fed's grim economic outlook

[Polybius]

Source: MarketWatch

U.S. stocks convulsed lower Thursday midday, amid signs of a resurgence of cases of the illness derived from the novel strain, and as investors digested Wednesday’s downbeat economic outlook from the Federal Reserve.

The market moves came even as the number of Americans filing for first-time jobless benefits declined again in the most recent week.

How are benchmarks performing?
The Dow US JIA was 1,481 points, 5.5%, midday Thursday, near 25,501, while the S&P 500 US:SPX gave up 148 points or 4.6% to trade near 3,044. The Nasdaq Composite US:COMP was down about 387 points, 3.9%, near 9,635, one day after charting a record above 10,000. The small-cap Russell 2000 US:RUT slid 85 points, or 5.8%, notching its worst one-day performance in 10 weeks.

On Wednesday, the Dow fell 282.31 points, or 1%, to end at 26,989.99. The S&P 500 shed 17.04 points, or 0.5%, finishing at 3,190.14. The Nasdaq climbed 66.59 points, or 0.7%, to close at 10,020.35.

Read more: https://www.marketwatch.com/story/dow-futures-tumble-550-points-as-stock-market-investors-watch-rising-cases-of-coronavirus-fed-offers-grim-outlook-of-us-economy-2020-06-11

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Huge losses today...

[DBoon]

1. So killing people is NOT good for the economy?

Will someone tell Mnuchin please?

[leftieNanner]

2. Don't they still have some of that $1,200 left?

Mnuch-bag said it should last at least 10 weeks, right?

[saidsimplesimon]

3. Arizona is a bellwether of red states

dragging the economy down by supporting the goon and the lunatic.

https://www.yahoo.com/gma/ominous-sign-arizona-sees-bounce-back-covid-19-091932237--abc-news-topstories.html

[bucolic_frolic]

4. After 10 years of QE we're out of gas

Yes recession depression is great time to start a business. Unfortunately been going on for 10 years. Now no one wants to borrow because there are no buyers for the output. There might even be fewer consumers because of the COVID-19.

QE is just asset bubble at this point. Rich people paying hedge funds to grab more money. And bank it where no one will lend.

If I had to choose something to do today, i'd go permaculture/hobby/organic small farm. Food. Can't go wrong with food. Local food can supply stores when trucking collapses. When climate change hits. Local food is cash crop, retail or wholesale. Small farms of 1-2 acres can gross mid 6 figures and employ 5-10 people. Inner city or rural, small town or burbs. You got soil, you got crop. And no need of Fed to fvck things up.

[yaesu]

5. there are going to be an explosion of homelessness, starvation while wall street banksters party

with their 6 to 8 trillion stimulus package.

[duforsure]

6. More people realizing what's coming

The trump depression?

[bucolic_frolic]

7. DJ -1735 NDQ down 480

Shakeout.

[AntiFascist]

8. Trump's mishandling of the epidemic and it's effect on the economy should be...

a major campaign point for Biden. The mishandling continues as does the economic downturn.

[ffr]

9. Marketwatch 20 days ago: strategist sees Dow 30,000 next year and 40,000 by 2023

And enough stupid people bought into skewed unemployment claims, manipulated by this regime to prop up the markets, i.e. Grifted.

You're a fool if you're thinking this market is headed north while tRump and the GOP control policy. They're manipulators out to cash in on other peoples stupidity.

[saidsimplesimon]

12. It's a "game" with no winners. Zero sum

Russia's boy is doing the number 2 on the US economy and ready to funnel millions and a propaganda machine to reelect their pal. imo

[Dopers_Greed]

10. Just wait until the end of July

When "unemployment on steroids" ends.

[ProfessorGAC]

11. Update On The Russell

It's down 7.5% for the day, so continued into the afternoon session.
DJIA fell 1,861. The afternoon was no rally after morning losses.

[progree]

13. S&P 500 fell 7.1% in the last 3 days. And its down 11.3% from its Feb all-time-high, a correction

It's back in correction territory (which is between 10% to 20% down from the recent peak).

S&P 500 closes:
3386   Feb 19 all time high
3002   today's, Thursday's 6/11 close
-11.3%

3232   Monday 6/8 - the high point since the March lows, just 3 days ago
3002   today's, Thursday's 6/11 close
-7.1%

Surprising how fast FOMO (Fear of Missing Out) changed into plain old fear

Trump is really going to be bashing Fed chief Powell, he has already started.

[Bengus81]

14. Dow down 1861 today...about 2400 points in three days