Dow Tumbles 1,175, Largest Single-Day Point Loss Ever
TAP – Is this the long awaited bursting of the debt bubble? The Fed can step in any time and issue more debt, but if the plan is to tank the stock market, the stock market will indeed tank. The reset which started in 2008 seems to be continuing in 2018, with February 2nd the first day of the new phase.
For ten long years, the world’s central banks have issued copious amounts of quantitative easing, which has delayed the downturn in stock markets. Only the insiders know when markets are to be rescued and when they are to sent to the floor. The rest of us can only watch and observe.
The hints that 2018/2019 will be the next attack have been dropped for a few months now, with the halving of QE in 2018 by the world’s central banks being announced, and the threat of interest rate increases. If the central banks stick to what they’ve said, the next phase of the world economy will be interesting.
THE STREET
Stocks tanked on Monday, Feb. 5, following a selloff last week that led Wall Street to its worst weekly performance in two years on Friday, Feb. 2.
The Dow Jones Industrial Average dropped 1,175 points, or 4.6%, in its largest single-day point drop ever. The S&P 500 declined 4.1% . The Nasdaq tumbled 3.8%. The tech-heavy Nasdaq had traded in the green earlier Monday.
The Dow dropped by as much as 1,597 points earlier in the session.
Energy giant Exxon Mobil Corp. (XOM – Get Report) was the Dow’s leading laggard, down nearly 5.7%, falling as oil prices in the U.S. declined 1.9% to $64.24 a barrel.
The Dow plunged 665 points, or 2.54% on Friday, the S&P 500 dropped by 2.12%, and the Nasdaq sunk 1.96% as bond yields spiked after the U.S. added 200,000 jobs to payrolls in January, above forecasts, and yearly wage gains rose at the fastest pace since the Great Recession of 2008-2009.
The decline on Friday was the sixth largest single-day point drop for the Dow in history.
The data on wages, which showed pay rising at 2.9%, the most in more than eight years, triggered a spike in U.S. Treasury bond yields amid bets that it may lead to quicker consumer price increases and more aggressive action from the Federal Reserve.
https://www.thestreet.com/story/14474329/1/stocks-trade-sharply-lower-dow-tumbles.html
Source: http://tapnewswire.com/2018/02/dow-tumbles-1175-largest-single-day-point-loss-ever/
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