U.S. stock markets cratered today following yesterday’s announcement of Donald Trump’s tariffs. Continue reading “U.S. Stock Markets See Worst Day Since 2020”
U.S. Stock Markets See Worst Day Since 2020
Dow Passes 30,000 As Biden Transition Begins
Following the certification of key states’ Election Day results plus the announcement of former Federal Reserve chair Janet Yellen to be the next Treasury secretary, stock markets are heading for record territory this morning. From the New York Times:
The S&P 500 rose about 1.4 percent, and by late morning was trading above its most recent closing record of 3,626.91, reached on Nov. 16. The Dow Jones industrial average rose to a new high, crossing above the 30,000 mark for the first time.
The gains on Tuesday seemed to reflect optimism about the economy, with shares of economically sensitive companies among the best performers. Oil prices also jumped to levels not seen since early March.
“ ‘Biden wins,’ Trump told a cheering crowd near Reading, PA on Halloween, ‘you’re going to have a stock market collapse the likes of which you never had.’
“That didn’t happen. Instead, the stock market has notched new record highs”
Dow 30,000 today https://t.co/nzvsFpUU6L
— John Harwood (@JohnJHarwood) November 24, 2020
Dow Jones Drops 2,353 On Worst Trading Day Since 1987 Crash
Donald Trump (image via public domain/White House)
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 