Dow tumbles 600 points into bear market territory, sets a new low for the year

[Earl]

Dow tumbles 600 points into bear market territory, sets a new low for the year
Samantha Subin
Alex Harring

"Stocks tumbled on Friday to close out a brutal week for financial markets as surging interest rates and foreign currency turmoil heightened fears of a global recession.

The Dow Jones Industrial Average fell more than 700 points to fall below 30,000 to a new low for the year. The 30-stock index is fell 20% from its high, known as bear market territory on Wall Street. It was last trading 603 points lower, or 2%. The S&P 500 fell 2.2% and headed for a new 2022 closing low, while the Nasdaq Composite slid about 2%.

“The market has been transitioning clearly and quickly from worries over inflation to concerns over the aggressive Federal Reserve campaign,” said Quincy Krosby of LPL Financial. “You see bond yields rising to levels we haven’t seen in years — it’s changing the mindset to how does the Fed get to price stability without something breaking.”

The British pound hit a fresh more than three-decade low against the U.S. dollar after a new U.K. economic plan that included a slew of tax cuts rattled markets that are fearing inflation above all right now. Major European markets lost 2% on the day.

“This is a global macro mess that the market is trying to sort out,” Krosby said.

Friday marked the fourth negative session in a row for the major averages. The Fed on Wednesday enacted another super-sized rate hike of 75 basis points and indicated it would do another at its November meeting."
https://www.cnbc.com/2022/09/22/futu...sell-offs.html

[Earl]

Slow Joe Biden (Brandon) driving America into the ground...one day at a time.

[Yakuda]

Slow Joe Biden (Brandon) driving America into the ground...one day at a time.

Thank you imbecile in chief

FJB

[Earl]

DOW

YTD Change


-19.30%

[RB 60]

DOW

YTD Change


-19.30%

[LV426]

LMAO! Like the Conservatives on JPP have 401k's to worry about.

Y'all are sending me today with your ridiculousness...

[LV426]

Almost all exclusively during Republican Presidents:

[Earl]

DOW
2022
YTD Change
-19.30%



DOW

2021

YTD Change



-16.07%

[Earl]

Two (2) bond yield inversions are not good news.

[LV426]

Two (2) bond yield inversions are not good news.

I think we'll be OK...

[Earl]

Gold Heads for Fifth Monthly Drop as Fed Stays Hawkish
https://www.bloomberg.com › articles › 2022-08-31
Aug 31, 2022 — Gold is now down more than 6% in 2022.

Depression.

[zymurgy]

LMAO! Like the Conservatives on JPP have 401k's to worry about.

Y'all are sending me today with your ridiculousness...

hey look at shit stain debating about the things he imagines again

lets all argue with shit stain about if we have a 401k

cuckoo cuckoo

[LV426]

hey look at shit stain debating about the things he imagines again

You alleged a stolen election for two months, but then chickened the fuck out and hid out here on JPP the one day you could have done something about it.

[cancel2 2022]

.
Wharton professor Jeremy Siegel says Jerome Powell is making one of the biggest policy mistakes in the Fed's 110-year history, and it could lead to a major recession

The Fed is making the same exact mistake it made a year ago, and possibly the biggest mistake in its history.

That's according to Jeremy Siegel, who criticized the Fed's inability to recognize inflation is coming easing.

"It makes absolutely no sense to me whatsoever, way too tight!" Siegel said.

Wharton professor Jeremy Siegel has a big issue with the Federal Reserve's aggressive interest rate hikes in its bid to tame inflation, and worries that the central bank is making the biggest mistake in its history and may provoke a steep recession.

That's because, according to Siegel, inflation is starting to come down significantly and the Fed is still moving forward with its rate hikes.

"The last two years [are] one of the biggest policy mistakes in the 110-year history of the Fed, by staying so easy when everything was booming," Siegel said.

On Wednesday, the Fed raised interest rates by another 75 basis points and said that it expects further rate hikes heading into early 2023, according to its updated dot plot.

https://markets.businessinsider.com/...cession-2022-9

[Lightbringer]

.
Wharton professor Jeremy Siegel says Jerome Powell is making one of the biggest policy mistakes in the Fed's 110-year history, and it could lead to a major recession

The Fed is making the same exact mistake it made a year ago, and possibly the biggest mistake in its history.
That's according to Jeremy Siegel, who criticized the Fed's inability to recognize inflation is coming easing.
"It makes absolutely no sense to me whatsoever, way too tight!" Siegel said.

Moron, they know it's coming, that's why they're doing what they're doing.