Wall Street plummeted on Thursday as investors reacted to renewed fears of a pandemic resurgence and digestedAll three major US stock indexes lost well over 5 per cent, posting their worst one-day percentage drops since March 16, when markets were sent into freefall by the abrupt economic lockdowns put in place to contain the pandemic. The Nasdaq snapped a three-day streak of record closing highs.
At the conclusion of its two-day monetary policy meeting on Wednesday, the US Federal Reserve released its first pandemic-era economic outlook, after which Chair Jerome Powell warned of a "long road" to recovery. A year-on-year drop in core producer prices also reflected the central bank's disinflationary concerns.
Interest rate-sensitive banks slipped 9.6 per cent, after the Fed indicated key interest rates would remain near zero through at least 2022.The S&P 1500 airlines index tumbled 13.8 per cent, while Norwegian Cruise Line Holdings and Royal Caribbean Cruises dropped 16.5 per cent and 14.3 per cent, respectively.
Finally it’s registering.
And that's a surprise? 🤦♂️
Funny how every time the market pulls back you get some fake vaccine headline, jawboning from Mnuchin/Kudlow and a Trump tweet slamming the Fed for being wrong. Always the same desperate act. You also get plenty of politicians talking up the recovery.....read between the lines.
SheepConcerned The Aussie Dollar is sorring UPWARDS
This is what happens when there’s no foundation for a market rally. Too much cheerleading. V-shaped recovery in stocks with record unemployment, a pandemic, recession and riot....rug pull.
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