Dow Plummets In Early Trading Amid Global Selloff
Investors flee stocks for gold, U.S. Treasuries
WND
NEW YORK – As anticipated Friday, the Dow lost 1,000 points in the first minute of what promises to develop into another “Black Monday,” reminiscent of the stock market crash on Monday, Oct. 19, 1987.
Selling pressure is likely to intensify throughout Monday trading as investors begin to realize that being the first to sell is the best way to avoid losses of a historic magnitude.
The “doomsday strategy” for nervous investors suggests selling stock positions to move into U.S. Treasuries and gold, both of which registered gains as U.S. stock exchanges opened Monday.
The current global stock market selloff was precipitated by a surprise decision announced by China two weeks ago to devalue its currency in an effort to boost exports and jump-start sluggish growth in the world’s second-largest economy. The announcement Aug. 11 caused the biggest one-day loss recorded by the Chinese stock market in the past two decades.
It came amid growing concerns that government debt levels in Western economies, including the United States, may have pre-determined economic slowdowns in an Obama-era “recovery” that has been sluggish at best.
The Greek debt crisis nearly precipitated a “Grexit” in which the southern European country would have been forced to abandon the euro and become the first EU nation thrown out of the eurozone.
The ‘weekend effect’
Experienced market watchers worried as the Dow closed Friday in a pattern similar to the “Black Monday” stock market crash Oct. 19, 1987.
The 1987 crash remains the largest one-day percentage decline ever, with a 22.61 percent loss of 508 points, closing at 1,738.74.
A 22 percent selloff Monday would shed 3,600 points, representing trillions of dollars.
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