William O'Keefe, left, and Peter Tuchman work on the floor of the New York Stock Exchange, Tuesday, March 3, 2020. The Dow Jones Industrial Average dropped 785 points and bond prices surged after an emergency interest-rate cut by the Federal Reserve failed to reassure markets racked by worries that a fast-spreading virus outbreak could lead to a recession.
Through it all, markets are still faced with the same quandary that has sent stock prices tumbling 11% since they set a record just two weeks ago: No one knows how far the virus will ultimately spread before authorities can get it under control, and by how much companies’ profits will be shorn because of it.
“Confidence in markets is crucial,” said Quincy Krosby, chief market strategist at Prudential Financial. “Without confidence, you don’t have a market.” The high stakes pushed the Fed to cut rates outside of a regularly scheduled meeting for the first time since the 2008 financial crisis, when investors were considering a complete meltdown of the world’s financial system as possible if not likely. That in itself may have spooked the market, as some investors wondered if the Fed saw things as worse than they were led to believe.
“To get a floor on the markets, realistically, what we need to see is not so much a cut in the number of new coronavirus cases, but at least a slowdown in the acceleration,” said Salvatore Bruno, chief investment officer for IndexIQ.
This is a typical Dem.
It didn't just fail to calm fears, it stoked fears.
Meh. Buying opportunity
📌
That is because POTUS and VP are not being truthful, not being transparent and not educating the public. It was willfully unprepared and quite honestly ignorant on what could happen. ShameOnTrump MoronInChief BeBest
'Everywhere we look, we are seeing the effects of the American economic miracle. ' Donald Trump
You know, maybe the economy/stock market aren't actually doing that great if you can never put away the shock paddles.
They need to just let the markets naturally correct and go down if need be. Pumping a weak market with more useless cash when productivity and manufacturing is slowing down isnt going to do anything. As we can see from today. Powell needs to be booted from the Fed
You can be assured that ANY time Trump calls for a change in any aspect of the US economy from anyone in his cabinet, AND SOMEONE ACTUALLY FOLLOWS THROUGH WITH IT, it's going to take a hit. That goes for pretty much ANY area of the US Government. Trump's 'guidance' is useless.
This is what happens when the WhiteHouse is running the federalreserve . Everybody on WallStreet said this is not a liquidity problem, it’s an unknown unknown problem. Don’t jump in w/ a 50 basis point cut. realDonaldTrump screaming for 50. Looks what happens. coronavirusus
How does a rate cut get ppl out of their self isolation? Did the Bank of England reduce rates in 1347?
Good news
RealestAhole You are witnessing the destruction of the central banks in real time. Wake up people the other side will be glorious!
Thoughts & prayers
No! Really? The rate of interest is not the problem, a long delayed correction is.
Wait until tomorrow...💩 gunna hit the fan 📀
The important thing is that now Trump’s interest payments on his millions of loans go down. That’s all he cares about.
Well that backfired🙄
Tired of “winning” yet?...
Zero confidence in Trump to deal with crisis.
Rate cut was pure Trump pablum. Rate increases will help more people than cuts will.
StockMarket is about perceptions ..... that change a 100x a day. Fed move looked like panic & market reacted
Pin meet bubble
The Fed is going to run out of bullets.
This is the equivalent of button smashing while playing mortal combat. Except this isn’t a video game and has actual real world consequences.
great news is that the coronavirus can now afford a mortgage though
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooNews - 🏆 380. / 59 Read more »
Dow rallies 800 points, looking to snap 7-day losing streakThe Dow rallies more than 600 points after last week's coronavirus-linked losses Be careful The DNC is going to get massacred at the ballot box in November.
Source: cnnbrk - 🏆 393. / 55 Read more »
Robinhood App Down As Dow Surges Back UpMobile trading app Robinhood is suffering an outage the day the Dow is trying to regain last week's losses. Seems kinda suspect AF It’s a juggernaut. Don’t feel bad, you’re not the first suckers to get intoxicated.
Source: Forbes - 🏆 394. / 53 Read more »
Dow Industrials Rally 5% on Central-Bank Stimulus HopesThe Dow industrials closed nearly 1,300 points higher while U.S. government bond yields hit new lows, with investors hoping central banks can stabilize markets and shield economic growth from the impact of the coronavirus. On JoeBiden hopes realDonaldTrump back in the game baby!!! totallynormal
Source: WSJ - 🏆 98. / 63 Read more »