Tag: stock market plunge

Dow plunges nearly 3,000 points as Fed intervention does little to subdue Wall Street’s distress

Washington Post logoU.S. markets went deep red on coronavirus fears, shredding roughly 12 percent from the S&P 500 and Nasdaq

Fears that policymakers have not done enough to avert a protracted economic downturn deepened a sense of national crisis on Monday and sent stocks to their worst single-day losses since the Black Monday crash of 1987.

The selloff accelerated, with the Dow Jones industrial average plunging nearly 3,000 points, after President Trump warned that disruption from the coronavirus pandemic could last through August and issued new public health guidance, saying Americans should limit gatherings to no more than 10 people. He also defended his handling of the crisis, which has been marred by a slow rollout of testing, saying his administration has done “a fantastic job.”

From Washington to Wall Street, the coronavirus is reshaping American life. The Supreme Court said it would postpone scheduled oral arguments through April, citing its stance during the 1918 Spanish flu epidemic and outbreaks of yellow fever in 1973 and 1798.

Trump, GOP scramble to keep economy from derailing

The Hill logoThe sudden plunge of the U.S. stock market from record highs and a wave of alarms about a possible recession has caught President Trump and Republican leaders on Capitol Hill by surprise and sent them scrambling for proposals to restore confidence in the economy.

The strong economy has long been considered the GOP’s best argument going into the 2020 election, but it’s unclear if that will be the case this summer and fall. 

The Dow Jones Industrial Average on Monday fell by more than 2,000 points, marking the worst trading day since the 2008 financial collapse, while the S&P 500 and the Nasdaq composite dropped by similarly large amounts. Continue reading.

Dow plummets on devaluation of China’s currency

The Hill logoU.S. stock markets plummeted on Monday following China’s move to devalue its currency, Beijing’s latest step in a tense faceoff on trade with President Trump.

The Dow Jones Industrial Average was down more than 900 points, or 3.5 percent, in its worst one-day drop in 2019.  The S&P 500 had fallen 107 points late in the trading session, or 3.7 percent.

If the Dow closes at that level, it would rank as the third-largest, single-day point drop in its history. The current top four all took place in 2018. In percentage terms, however, the plunge would not break the top 20.

View the complete August 5 article by Niv Elis on The Hill website here.

Trump and Republicans discover the perils of touting the stock market

The following article by Damian Paletta and Erica Werner was posted on the Washington Post February 5, 2018:

The Post’s Heather Long explains what’s going on with the Dow Jones industrial average, which experienced its worst drop in about two years. (Jhaan Elker, Heather Long/The Washington Post)

President Trump and congressional Republicans have spent much of the past year trying to connect a giddy stock market rally with their economic agenda, but stocks’ precipitous plunge in the past five days has delivered a sobering reality: What goes up can come back down — quickly and with little warning.

With Monday’s steep fall, Trump has presided over the biggest stock market drop in U.S. history, when measured by points in the Dow Jones industrial average. The free fall began in earnest Jan. 30 and snowballed Friday and Monday, for a combined loss of almost 2,100 points, or 8 percent of the Dow’s value. Continue reading “Trump and Republicans discover the perils of touting the stock market”