Tag: Dow Jones

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News Round-Up: March 20, 2020

Some news items you might have missed: • InstaHunks: Woofy Steve_in_LA (above) looks handsome as ever self-isolating in style as he works from home. • LGBTQ Nation: At least four LGBTQ people who were at the Winter Party – a huge circuit party held in Miami earlier this month – have been diagnosed with COVID-19. Other partiers have also developed symptoms. • CNBC: The Dow Jones Industrial Average closed 913 points lower, or more than 4%, after rallying more than 400 points earlier in the day. The S&P 500 slid 4.4%. The Nasdaq Composite closed 3.8% lower after jumping more than 2%. • KIT212: Kenneth’s weekly round-up of the what’s what in local gay rags like Scissor Sister’s lead singer Jake Shears in the latest issue of GRAB. • Washington Post: U.S. intelligence agencies were issuing ominous, classified warnings in January and February about the global danger posed by the coronavirus while President Trump and lawmakers played down the threat and failed to take action that might have slowed the spread of the pathogen, according to U.S. officials familiar with spy agency reporting. • CNN: Economists at Goldman Sachs predict next week’s unemployment report will show 2.25 million Americans filing for their first week of unemployment benefits this week — eight times the number of people who filed last week and the highest level on record. • New Music: Scottish singer/writer ONR (pronounced “honor”) shares new track and video “Human Enough,” the latest from his forthcoming Must Stop EP.

ONR says of the new track: “I liked the idea that ‘being human’ wasn’t a defining quality, but rather a sliding-scale… that you could consider yourself ’not human enough’ to be someone else’s equal. The video is dark, confused, frustrated; it exists within this fantastical alternative reality where the concept of being human is (literally) different from our own.”

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Dow Jones Drops 2,353 On Worst Trading Day Since 1987 Crash

Trump walks past reporters with no comment

Trump walks past reporters with no comment
Donald Trump (image via public domain/White House)
The U.S. stock markets had their worst day since the 1987 crash as the Dow Jones dropped more than 2,300+ points. From the New York Times:

Stocks continued their plunge on Thursday, as President Trump’s latest effort to address the coronavirus outbreak — a ban on the entry from most European countries to the United States — disappointed investors who have been waiting for Washington to take steps to bolster the economy.

The S&P 500 closed down about 9.5 percent, its biggest daily drop since the stock market crashed in 1987, on what came to be known as Black Monday. The decline has left stocks in the United States firmly in a bear market — a term that signifies a decline of 20 percent from the most recent highs.

For the Dow Jones industrial average, the drop of 10 percent was also its worst since the 1987 stock market crash.

Before he was president, Donald Trump had strong opinions about who should be held accountable when the markets had huge drops. #TheresAlwaysATweet  

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Dow Jones Enters Bear Market Territory After 11 Year Run

The 11-year Dow Jones bull market that began on March 9, 2009, under President Obama has ended under Donald Trump as the stock market has now declined 20% from recent record highs. We’re now officially in bear market territory. From NBC News:

The Dow Jones Industrial Average closed down more than 1,400 points on Wednesday, crossing firmly into bear market territory, or a 20 percent decline from a 52-week high. The losses came as the World Health Organization labeled the coronavirus outbreak a pandemic.

The S&P 500 and the Dow are currently down more than 14 percent from the record highs they hit just last month, making this the fastest drawdown from peak to decline.

Wednesday’s massive sell-off is a response to the lack of concerted policy action from President Donald Trump’s administration, which has been criticized for its mixed messaging about the best ways to address and contain the virus.

In related news, the World Health Organization on Wednesday characterized the coronavirus as a pandemic for the first time. Currently, there are more than 1,000 confirmed cases of coronavirus in the United States. Experts say that number that is expected to rise as testing becomes more widely available.