The headline to this article lacks credibility. The article itself is the New York Times trying to make one lonely day in the stock market fit a desired narrative. Please NYT editors...you’re better than this.
3
The race isn't over, and the economic damage from the virus is to be determined.
1
Who would be foolish enough to plan a mostly non-refundable order of $10,000 Florida or Hawaii family vacation, when we see today pictures of Milan empty and the Louvre and Disney Tokyo closed. This may well be what America will look like when Spring break arrives.
2
It is ironic that both trump and Pence are anti-science, but are now relying on science to resolve a problem which for them, is more of a political problem than a healthcare crisis.
I don't believe for a second that trump cares about protecting Americans from the virus. He is only concerned with the stock market effect on 2020 elections.
6
Thee Biden Bounce fixes the Trump Slump.
Wall Street, which was the only sector of the economy to improve under Trump, has lost faith in Trump. The markets don't believe that pandemics are a hoax, and that only Trump can fix it. As the last few weeks have proved, Trump can't fix anything.
29
did paul krugman call the low by publishing a very negative piece on the market last thursday and said the market was going to go straight down and down?
Watch how fast before trump claims credit for this.
5
It was easy to see stocks would bounce back from the corona virus scare, because they did so each of the other times there was such a scare before.
The author’s unsubstantiated assertion that the rally had anything to do with Biden may fit a narrative the newspaper has been promulgating, but it’s about as factual as the Rooster’s claim that he made the sun rise.
3
Like teaching my kid a stick shift.
So Trump claims that the stock market will tank if a Democrat is elected president. Joe Biden looks like the presumptive nominee, and the stock market immediately goes up 4%.
What's wrong with this picture, Trump? Not fitting the fantasy narrative of disaster under Democrats you are trying to peddle to the rubes in your peanut-gallery MAGA-head rallies?
I guess it's back to Lock Her Up! That's an oldie but a goody. Works every time.
5
Biden gets credit for the up market. Trump gets credit for the down market. I think that is accurate. The markets like competent, ethical presidents better than lying, cheating traitors.
6
Biden gets credit for today's rally. Trump gets credit for last week's conflagration.
6
Please stop trying to make claims about what the market is reacting to. You sound like Donald Trump.
2
The lemmings are circling. What does it mean? Are they getting ready for a dash over the proverbial cliff once again?
Good grief, Times. You have no shame. The markets dropped because of the corona virus, and NOT Bernie Sanders. To stage that quote is just pathetic. Trump isn't so far off the mark.
3
Since the NYT is able to read the mind of the markets, please tell us who will win the 2020 Pres election.
Sad to me that every shot of ‘floor traders’ on the NYSE floor is of the same guy year after year
Is he getting NCAA style royalties for image and likeness
Today’s ‘floor’ is simply a TV prop for CNBC
Bring back the humans
Peter
$2 Broker Guy
NUC Baby
Oh my god.
Could this news paper be more of a sell out?
Market is bad, Trump did it, market rebounds, must be Joe Biden.
Are you for real?
The market was going to rebound even if the Energizer Bunny was elected. Trust me, Biden having a goodish day is not the cause for rebounds.
The stocks were depreciated and some one was going to come in and scoop up deals, that this happened after Super Tuesday is pure coincidence.
Could you be more of a sell out NYT? jesh
1
Who would have thought.....African Americans saved the stock market....
2
This must really frost our supreme leader.
3
It's becoming increasingly frustrating how much anti-Sanders propaganda the NYT is spewing. increasingly, it's making me reconsider my membership.
1
Just a lil’ Biden Bump.
1
Hi. A slightly different perspective on the market rise. I suspect many investors such as myself were concerned and still are about an unstable, incompetent, uninformed - well, read that as ignorant - president in the White House. There are millions like me, I bet, who expect at any moment to find Trump has started another war, decided to lock up political opponents, declare martial law or heaven knows what. Though not a huge Biden fan, I was pleased at his showing because it offers hope that a sane and rational replacement might be on the horizon.
3
Rich people making money. Check out the info coming out of Asia; retail sales fell through the floor;production plummeted;workers quaranteened. America will feel it soon;the World is connected. Ignore the market;watch what happens at Walmart. US Economy is now powered by the Consumer.
Good. Hopefully everyone dumps their gold. Let's get that price back under $1,000. I gotta stock up.
It is easy to pick people's pockets when they are running around in a panic :-)
The stock market and the financial leaders like Joe Biden. They know he is intelligent, competent, progressive, pragmatic, and above all competent. All the things that Trump is not! I expect Trump to reach new lows of demagoguery and corruption in his attempt to get re-elected. He has no morality, no honor and the coming election will bring out his worst qualities!
2
"Companies plead with Americans not to overreact (and to keep traveling)."
"Representatives of the airline, hotel, retail and travel industry..."
After You...No Really. I'll be right behind you on that airtight metal tube or floating virus incubator with 200 or 3000 folks I don't know.
1
Even if Biden wins we will be 20 years into the 21st century and the only developed nation in the world without universal health care.
Priceless....
2
Obviously, people have money to invest. What’s a shame is finding companies with true assets. That’s what drives a bubble. There are not enough viable stocks and investing ends up a dog piling.
The eco. crash will come. With an insane trade war against friend and foe alike , record or near record national, consumer, student, corporate debt the end will come.
The only question is when and how bad.
The virus thing may hasten it if is prolonged or have no effect if nipped in the bud.
1
Health care stocks WAY WAY up today. Biden is beating Sanders. These companies realize they're SAVED! Medicare for All is dead. The private health industry is Alive and Well! Health Insurance companies will again be unleashed to predator consumers for their savings! Bonus!
The Supreme Court will get yet another bite of the apple to throw out the ACA. What a day to be alive and be a health insurance company!!
When the stock market lose touch with reality? I thought stock prices were based on valuation. Was this a lie? I am putting my retirement into a great Ponzi scheme. Wow. It's insane. Now it seems like politicians use it as political fodder. Its almost as if the day traders are in collusion with the politicians like they are paid off by them. Why is that? Am I just seeing something that is not there? I really feel this will end up in a crash. I heard before the 29th crash it did the exact same thing, but I don't know?
I really wonder when all these stressed excited guys you show in the picture will be replaced by AI.
Well, thanks, Joe. And Donald, you need to stop being our President ASAP. It looks like November 2020 is about the best we can do (well, January 2021; I can only well imagine he'll go on a bloody rampage in-between for good measure) as it turns out, but, that'll finally be the end of it.
2
Donald Trump will win a second term... Hurts me to say that but it's the truth and we need to recognize this, that Americans like Donald Trump
I think they are just correcting for the fear generated by Sanders being the nominee and coronavirus economic disruption. Now that they are mentally grasping that our President is able to handle this possible health crisis and that he will be a shoo-in for 2020 they have returned to their senses. I sure hope you were not a seller that dove off the cliff with all the lemmings.
This is why you can never market time nor panic selloff in a dip.
New York Times outcome logic:
Biden = Good
Sanders = Bad
Because
Biden = bland status quo
Sanders = possibility of significant change
With everything else happening globally right now, attributing a positive fluctuation in the market to a single longed-for event is flippantly misleading.
Big gain in the stock market because we now know the socialist, Bernie Sanders, will never be our president and he won't be able to destroy the American economy.
I find it ironic that the market surges with the success of the Biden challenge for the democratic nomination. This is the result of consumer confidence! If Saunders had risen in the polls I wonder if the effect would be the opposite?
1
The health Insurance companies are licking their chops at the windfall coming their way. These companies prey on any victims of the Coronavirus. And Bernie's let down was the topping on the cake.
It is a beautiful sunrise for the Medical Companies.
5
Sanders, Biden, and Trump are all factors in the crazy volatility of stocks in the past several days. Ignore those variations and look for where the market will be after the election or after the first year of the new presidential term. The main market mover at all times is the economy. And right now it is being depressed by the coronavirus. The effects of the epidemic have not been fully felt yet. We can hope that those effects are short lived, say a month or two. This is wishful thinking because Trump has yet to prove that his administration can stop the spread. I live only a few miles from the heart of problem. King County testing is limited for now, with some potentially infected parties awaiting for promised testing that has been delayed for days, and failed to start weeks ago when coronavirus first threatened to come to the US. In King County, gatherings have been canceled. My grandson's school will do teleteaching until April 13 to avoid kids spreading the disease in the classroom. And Trump has rallies with more than 10,000 people! This is not an effective way do stop the disease. Whether Biden or Sanders is elected, we can expect medical care to be more available and affordable than Trump has delivered. Only when coronavirus damage is stopped does the economy have a chance to recover, and with that the stock market. Expect massive fluctuations up and down until that happens. Can Trump halt coronavirus? I hope so but have serious doubts.
2
If you counted every supporter at a typical Trump rally I'd lay odds most of them don't dabble in the stock market. They just feel an endorphin rush from being told "they're winning!"
6
This article is illuminating and worth thinking about. Biden is reassuring to Wall St and the healthcare industry for the precise reasons that the rest of us should NOT be reassured. With the middle class and the planet nearing extinction, and now with an epidemic facing us without basics like healthcare and paid sick leave for everyone, we need CHANGE. Not a restoration to 2015.
Beating Trump is an essential FIRST STEP, but remember: Trump and Trumpism are not going away. We'll be in this fight for many years. "Healing the country" cannot be done without taking on the causes of Trumpism: the loss of the American Dream as the utra-wealthy siphon the future from our pockets. Soaring rhetoric is not enough.
Biden may or may not be electable. But until he indicates that he's willing to limit the perogatives and profits of Wall St and the healthcare industry---the interests that are now applauding his Super Tuesday success with stock price increases, I'm supporting Sanders.
Think about it.
22
My healthcare index fund is up nearly 6% today. With doubt starting to creep in on the Sanders campaign and a possible surge in healthcare spending coming, now's a good time to buy in.
Realize where the profits of these Health Insurance and Big Pharma (mislabeled as "Health Care") are coming from. They are not coming from doing "health care." They are coming from looting working class citizens by maintaining a system that costs quadruple to deliver the same care managed under the Canadian universal health care system while bankrupting half a million citizens a year and pricing health care beyond the reach of far many more. Those celebrating this rise in stock prices are unwittingly celebrating the erasure of America's middle class.
19
To the so-called moderate ‘left’: please stop buying what is being sold to you. The establishment ‘left’ has overseen the most unequal distribution of wealth in history. It has voted to repeal the separations between commercial and investment banking. It has supported legislation making it more difficult for working families to discharge credit card debt in bankruptcy. It has voted for the Iraq war.
Is this what you thought they were campaigning for? Is this what aligns with your priorities?
To the people who can’t draw their attention away from Donald Trump: please stop engaging with the convenient fiction that he represents all that is evil. Our country is sick, and it’s not because of Donald Trump. But that narrative does conveniently help the truly powerful malign interests in our country.
Just a friendly reminder in case you have been seduced, again, by the politicians and the media, and perhaps the (maybe secret) perception that the moderate ‘left’ will be better for your 401k.
13
@Aaron Speaking only for myself, I am not buying anything, nor have I been seduced; I am hopeful that electing a moderate will give us a chance at a Democratic congress, something that would almost surely not happen under a Sanders or Warren presidency.
20
“The strong result by Joe Biden in the Democratic primaries last night are a significant positive development for the market,” Marko Kolanovic, a strategist at JPMorgan Chase, wrote in a note to clients. “It likely removes the possibility of a far left candidate — a risk that was rattling markets last week.”
Funny, I would like to know how Wall Street will react if Sanders wins the nomination and Presidency. Will Wall Street collapse?
11
There was word going around just a couple of weeks ago that stocks went up BECAUSE Bernie did well in the early states (see https://www.cnn.com/2020/02/20/investing/stock-market-sanders-trump-election/index.html). The reasoning was that Bernie would DEFINITELY lose to Trump, signaling a continuation of the low taxes and light regulation that investors love.
Now, stocks went up BECAUSE Biden did well on Super Tuesday. The reasoning being that it likely removes the possibility of a far left candidate.
These are very convenient after-the-fact rationalizations to maintain a consistent anti-progressive narrative.
16
Well, thank goodness Bernie looks like he is done for. Imagine, a man who might despoil the American dream of riches waiting for any man willing to put in a hard day’s work and leverage the fruits of that labour ten fold by betting big in the market. He dared take away that dream, and for what? Reasonable access to health care and education for every citizen? Living wages for a full day’s work? Trying to ensure the planet survives for his grand children? Imagine, standing in the way of the American Dream. Good riddance.
22
Health care stocks are up.
I guess the Health Insurance Industry will continue to make profits since they figure Joe Biden will be elected president, not Bernie Sanders.
This is very depressing.
26
Is it really necessary to have big daily headlines about the volatility of the market? Every plunge gets screaming type, every quick recovery is praised. Wall Street is a gambling house for the rich, and those who care about daily fluctuations are the people responsible for them---the day traders. The rest of us are fine with a nice end-of-month summary that doesn't sow panic or false joy.
24
@Umberto You know this has nothing to do with Bernie Sanders, up or down, it has to do with the coronoa virus. Bernie has been running for more than a year. During the time of the big bull market. This nonsense is more pablum this shameful newspaper is feeding its readers. Trump really isn't that far off the mark.
Who are these guys on the floor? They always appear in pictures accompanying stories about the market - the same handful of guys flipping out. Are they mimes? Actors? I know that the floor used to be action packed - but this is some kind of performance art - either that or these guys need stronger meds. Is there anything more skittish and chicken hearted than the markets?
5
@T They Didn't get the memo. The one about super computers making buying and selling calls in nano-seconds based on Mnuchin thinking about giving up his private jet and trophy bride rubbing elbows with the great unwashed little people.
Perhaps market also grew because of privatizing testing. Pharmaceuticals, labs, and medical facilities will be over capacity. Medical debt collectors will be busy for years. In addition, all types of antibacterial products are selling out nationwide. Same with medical supplies and drug hoarding. Anecdotally, people are hauling carts full of bottled water, paper towels, tissues and such by the wagonload. P&G? How did their stock do today? And any tech that helps people work from home will gain.
Loungewear should do well in the apparel sector!
I won’t be surprised to see markets fall again tomorrow.
Seriously, I think today was a bounce from Super Tuesday.
1
Last week the fall was based on the novel coronavirus, with no mentions of Bernie Sanders. Yet a rebound after a steep fall is Joe Biden?
Perhaps stock traders generally overreact to lots of factors. The markets are not always linear or rational, but the rationalizations proliferate nonetheless.
12
Can you give us any ACTUAL EVIDENCE that the stock market moved BECAUSE of Biden? No. Because markets don’t move because a candidate wins some primaries. I don’t care what it means to investors’ emotions. The market doesn’t work that way. It’s too big. Nobody knows for sure why the market does what it does on any one day. Stop shilling for Biden.
17
@Andrew Roberts
While there can be no absolute proof, it's not hard to see the patterns. The markets are generally happy when there is steady earnings growth, or general predictability. The market wobbles or falls when there is uncertainty about the direction things are going.
The coronavirus is a big question mark, making a lot of people nervous. The more that nations get a handle on testing and how to curb the spread of the virus, the less uncertainty.
Politically, having fewer candidates in one of the two major parties, and having the presumed front runner be relatively moderate, rather than progressive (fewer big changes), makes the stock market more comfortable.
12
seriously! this is appalling and just bald faced manipulation of public opinion with no basis in fact.
i regret subscribing to this shill press
@Becky E Well, we wouldn't want the stock market inconvenienced now, would we?
more good news, not that the market will reflect it: Steve Bullock is going to run for Montana senator after resisting this call for months.
17
Thank goodness the stock market is back up and the insurance companies are happy. The .1% can rest easy. They can continue raising the rates so they can live the life of luxury on the backs of the rest of the people.
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@MC My wife and I are barely in the 1% and we require good investment returns to be able to stop working.
8
@James If you still require any returns to stop working you are most assuredly not in the 1%.
3
@MC Where do you keep your savings for retirement, under the mattress?
1
The stock market knows that now it's going to be heads Republican (heavy), tails Republican (light). Add to this: Fed is in the President's pocket, government is in business' pockets, deficits will be made to soar endlessly, financial, healthcare and environmental regulations can be dismantled freely. What's there not to like? Until...
16
Biden Won! Great! Nothing changes if he wins. No health care benefits for anyone who can't afford to pay. Same old, same old partisan politics. Trump may be out but the old will be back in. Both were bad but the fraud of US democracy of the people, by the people and for the people goes on.
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@Tom
And if Bernie wins we have the Socialist version of Trump. Rude grumpy and vinductive. The perpetual victim.
Nothing on his radical agenda will happen and his whines about being a victim, just like trumps, will blanket social media.
The majority of americans, liberal and independents, are not socialists. We don't want more government handouts and big tax bills that turn into permanent handouts and entitlement programs.
Notice that "new" dems supporting Bernie are mostly from ancestral socialist and communist countries.
Countries that are failing and have mass exodus movement because of their failed socialist and communist policies.
It is striking that those immigrants and their progeny are demanding the US copy the failed policies of their ancestral-home governments
@Tom
@Tom
You don't think we Democrats won't demand that EVERYONE be covered through a strengthened ACA or Medicare for all, you are mistaken.
2
Joe Biden had no impact on the Market and people buying stocks as they do everyday. But great attempt at making a connection that is an attempted swing at Pres Trump.
14
@ES I'm a Sanders supporter, but I disagree. It's no coincidence that the market was led by stocks of health insurance companies. Their chances of being able to continue making obscene profits by skimming off health care dollars while adding no value improved greatly yesterday.
73
@ES
Markets can be irrational but there is no doubt Biden's win had an impact if you look at where the bounce back was strongest. I suspect you know zero about what moves markets.
1
@ES
And that iceberg had nothing to do with the Titanic.
While I can understand that market pundits are claiming that Biden's success yesterday buoyed market results today, since Sanders is anathema to Wall Street, what will analysts say when market gains today get wiped out by worries tomorrow? Because it will probably happen. The market has see sawed crazily for days and will continue to do so.
15
@Rick Morris I agree, and there will be a huge recession as a result of the coronavirus, since the USA is so dependent on products from China. I remember years ago in school we were taught that free trade would lead to world peace because countries wouldn't want to disrupt trade routes. No one was thinking about pandemics then.
5
Less than reassuring that Treasury Secretary Mnuchin says he’d be very comfortable traveling on a commercial airplane. Does he ever fly commercial? I recall that he received some very bad press over his use of pricey military aircraft for travel and his request to use government aircraft for his honeymoon.
This is an example of why so many Americans lack confidence in the attempts of senior Administration officials to be reassuring about the coronavirus. They frittered away their credibility a long time ago.
53
@lydgate No, of course not. He has been flying private jet for years, and now the taxpayers are forced to pay for it.
36
If travel is so safe, all those politicians should start flying commercial. Including Trump. Just to show the public they aren’t out for profits at the expense of public safety.
90
Steven Mnuchin is "very comfortable getting on a commercial plane" now? Funny, he hasn't been flying on anything but a private plane (most recently at taxpayer expense) for some time now.
119
Biden bounce !
16
The huge stock market movements occur when big traders buy or sell huge baskets of stocks. They don't care what's in the baskets, they just buy or sell everything.
However, when the excitement is over, smaller investors will start to pick at the stocks that were unjustly dumped. It does not make sense for Verizon to be down 15% - people aren't going to stop making phone calls because of the virus.
What really surprised me is how even preferred stocks, which are bond proxies from good credits, fell sharply. You would think if punters were willing to take 1.15% of a 10-year Treasury, they'd like 5.25% on a Bank of America preferred. But I was able to get BACPRN at nearly par, and I have managed to fill up my call-depleted preferred portfolio.
I would also point out that some good REITs are available at reasonable prices. I don't know about the shopping malls and office buildings, but hospitals and doctors offices would seem to be a pretty good bet right now.
2
@Jonathan -- "hospitals and doctors offices would seem to be a pretty good bet right now" sums it up: it's just betting. Maybe fetishizing financial speculation and applying that mentality to ever larger portions of our economy isn't the best long-term strategy for a healthy society?
5
@Jonathan " It does not make sense for Verizon to be down 15% - people aren't going to stop making phone calls because of the virus."
You know that Verizon does a lot more than phone calls, right?
2
Witness: Dead cat bounces.
The Total Market Cap to GDP ratio (Buffett Indicator) reached an all time high this year (Higher than in 2000 and 2008).
Coronavirus is an excuse.
Look for a bear market at least, Dow down 6000+ from peak, with recession to follow.
Unemployment will rapidly accelerate from historic lows.
Biden wins in November.
(But to leave you with some solace, remember that the purpose of economic forecasting is to make astrology appear legitimate.)
29
The stock market plunges last week and most of this one. The IMF gives a grim warning on economic fallout. Joe Biden wins Super Tuesday and the market goes up! Congratulations, Mr. Trump on points one and two. You own them.
5
The stock market is having a "Biden Bump." That's all.
4
My guess (and I am no expert) is that COVID-19 effects will be somewhat short term, although the disruption to the China product 'mills' may cause some changes in the way Chinese businesses operate. I have been far more worried about Trump's free-wheeling approach to economics. Break every rule, but it will all turn out great? Let's see a book about that. However, March is also a typical time for the market to slump. It is the month when pension math for the coming fiscal year dictates what people whose pension are in the stock market will make in 2020. Unless the market is very certain to go up, it goes down in March. This year more than one possible explanation for the downturn.
6
Trump should respond to this existential health crisis as though America was under attack. He should replicate the WW2 Manhattan Project. Create a designated research agency with unlimited resources to work around the clock on developing an effective vaccine within six months. Appoint as health czar some one of impeccable scientific credentials.Then Trump should leave them alone.
9
@Milton Lewis
There are many historical examples of the dire predictability of egocentric leaders and the people who enabled them
Great leaders acknowledge their limitations ( if only to themselves) by engaging a team of experts rather than sycophants, practising discernment in order to make the decisions that embody sound judgement.
Too often we as voters want to believe so badly we suspend our reality.
We studiously avoid asking the hard questions, then we want to place blame anywhere but ourselves.
To get back to good governance alot of folks are going to have to accept their culpability for this chaos, our current leadership is banking on refusal.
5
We are headed into a secular bear market fueled by a failure to invest in the future and technological innovations for the long term. Lowering the interest rates will not work because dead ahead is a liquidity trap from which we will not collectively emerge for a very long time.
32
Ever wonder why none of the folks running for the 2020 election have mentioned our astronomically ballooning national debt? All they are looking at are the daily stock Market #s and their retirement accts balances. It’s the National Debt and how we got there.....greed and politics. Wake up, but that’s not going to have any result for generations, if at all. Ask every office seeker about the debt!I remember no debt of the Clinton era.
Hooray. Another half point cut. The many who are in or near age to draw from, not grow their savings, have more angst of just where to get any return with lower risk that come close to keeping up with inflation. Bonds, money market funds/accounts, certificate of deposits and immediate annuities pay less and less.
Poor sequence of returns in early years is going to put more people into social welfare programs that are seeing their funding cut to the bone. Fine, OK, lets have another tax cut for the wealthy and down the road with Mr. Four-More-Years, start chipping away at resistance to entitlement cuts?
33
@bt365 Where to get any return? Stocks that may not be sexy like Tesla, Apple et al., but that yield consistent and substantial dividends and that have stable share prices. T, STWD, VZ and others with dividends anywhere from 5% to 10%; and their share prices are not on a roller coaster. Buy them on dips, hold them for dividends; but keep substantial cash in reserve to meet current needs and to buy into down markets.
6
@bt365 Look into utilities indexed funds. Nice dividends and decent returns from a basket of preferred stocks. These days you can also buy very conservative index funds which consist of a balanced allocation of equity and bonds. The one ETF consists of multiple ETFs. It's a one-stop shop. Beats the money market blues. AOK from BlackRock is a good example.
2
@Chambolle, A rational commenter and investor, imagine that.
1
Our joy over an upward tick in the stock market is likely short-lived. Once The Donald steps before the microphones and says of the corona virus "I alone can fix it," the market will immediately head back into negative territory.
55
Another swing and another miss for the Times' stock analysis. Seriously, keep their explanations in mind, because they're usually proven wrong by the end of the day. Remember when Uber opened high and they said it was going to do great and by the end of its first day it had almost collapsed?
13
"the rosier outlook might partly reflect Wall Street’s appraisal of the Super Tuesday"..
Too soon to say, "Thank you Joe!" ?
13
@William Yeah, it is too soon.
If the market is reacting to Biden's big night, it says all you need to know about how they see his potential for delivering much-needed structural change: there won't be any. The so-called richest country in the world will continue to bleed the middle-class dry.
137
@Maple Surple
You nailed it.
18
@Maple Surple Correct, sadly.
15
@Maple Surple
I take a more positive view: it means they think he can beat Agent Orange. Focus on keeping the House and flipping the Senate with progressive candidates in their 30s and 40s if you want change. Stop fixating on the glamorous mega fauna of the presidency.
3
The worst part of the Great Recession was not the stock market crash, but the related loss of millions of jobs and the arduous slog of the country back out of the quagmire that produced. What is the fallout from this market volatility? We need regular market reports of how it is affecting daily lives. Are visits to businesses where people gather down? By how much? Are they closing? Are they laying people off? What will be, or currently is, the impact on how we live and work, not just on Wall Street but everywhere?
18
@Joe
Bingo. The Times' stock market analysts seem to be going from the gut, and they're getting it wrong on the daily. Plus, they seem to only ever look at two numbers: 1) the DOW/NASDAQ, and 2) the unemployment report. They're the wealthy empowered, so they report what they're interested in. They don't care whether jobs are actually paying enough.
41
One thing for sure is that fundamentals are not driving the market. Is it programmed trading going out of control? I do not know what it is. Cutting interest rates will not stop supply shortages and other disruptions caused by Covid-19. The Airline and Travel Industry will be murdered. Fear will keep travel and tourism to a minimum for 6 months to a year after the virus is subdued. The computer and other industry will come back quickly once the supply chain is rolling again. The Feds reaction to Trump's complaints is crazy.
61
@Robert Pryor Amen.
1
Wall St sees the vaccine. They call it Joe.
109
@db2 - The average Russian's net worth is arount $11,000. Putin is reportedly worth from between $70 and $200 Billion. Their economy is a small fraction of ours. There's a reason they support trump and he admires/supports Putin (and other autocrats who rob their country blind).
First we have to save democracy. Then we can go after hedge funders, banks, corporate crooks and others who historically are joined at the hip with the republican party, and rob the rest of us.
Not perfect but it's a start.
6
@db2
Some would call it a placebo.
1
I predict a big rise in the market today. Here's why: Bernie has finally released his plan for paying the trillions of dollars it will take to pay for Medicare for all, free college, canceling student debt, etc., etc. Although the plan is lacking in details, there’s enough in it to scare middle class investors to death. (Forget Bernie’s taxes on billionaires’ net worth. Wealth taxes are unconstitutional.) Focus on the taxes and fees ordinary investors will have to pay. Many many people in America have 401ks and IRAs. This, together with equity in their houses, is their nest egg.
The infrastructure that financial institutions will have to put in place to keep track of and pay for the various fees and taxes Bernie invasions will badly cut into profits.
As every grown up knows, the ultra rich will find ways to avoid paying up. The little people are the ones who will get slammed.
17
@Bathsheba Robie
Could it be that the cure might be a flat tax, no loop holes at all, not for Foundations, non-profits, NGO's, private schools and Colleges, churches, Corporations and any other group who benefits. The tax revenues would be used for actual services to ALL citizens, not just for the lucky few.
4
@Jean No. Flat tax actually benefits the 1% and hurts lower-income people. Because at lower income levels, you need to spend a much larger percent of your income for living costs. The flat tax is a scam, don't buy into it.
3
@Bathsheba Robie
The little people get slammed no matter what. Senator Sanders is trying to address that. He has an uphill battle as you might have noticed. All the other candidates save Warren scrambled to back Status Quo Joe to keep everything the same.
3