Dow tumbles 1,000 points for the worst
day since 2020, Nasdaq drops 5%
CNBC,
by
Jesse Pound
&
Tanaya Macheel
Original Article
Posted By: Dreadnought,
5/5/2022 7:08:06 PM
Stocks pulled back sharply on Thursday, completely erasing a rally from the prior session in a stunning reversal that delivered investors one of the worst days since 2020.
The Dow Jones Industrial Average lost 1,063 points, or 3.12%, to close at 32,997.97. The tech-heavy Nasdaq Composite fell 4.99% to finish at 12,317.69, its lowest closing level since November 2020. Both of those losses were the worst single-day drops since 2020.
The S&P 500 fell 3.56% to 4,146.87, marking its second worst day of the year. The moves come after a major rally for stocks on Wednesday, when the Dow surged 932 points, or 2.81%, and the S&P 500 gained 2.99%
Reply 1 - Posted by:
snapper451 5/5/2022 7:14:36 PM (No. 1147696)
But........President Xiden said this is the best economy ever? Who to believe? S/O
7 people like this.
Reply 2 - Posted by:
thefield 5/5/2022 7:22:10 PM (No. 1147701)
Thanks Joe, I just knew it! There was too much money in my wife's pension.
7 people like this.
Reply 3 - Posted by:
skacmar 5/5/2022 7:29:40 PM (No. 1147708)
Just wait until people get their next Quarterly 401K or other investment statements. It was bad enough first quarter of this year. Second quarter is looking to be even worse. A lot of people are seeing their retirement savings go down the drain. Between the loss of value in retirement accounts and inflation, maybe the horrible economy will force all of those retirees back into the workforce and help to solve the employee shortage that many employers are experiencing. Of curse, then Biden will claim that he "created" more jobs!
11 people like this.
Reply 4 - Posted by:
wilarrbie 5/5/2022 7:30:46 PM (No. 1147710)
I'm too old to recover from a serious downturn in my retirement investments - which are going up in smoke. I've worked my tail off for almost 50 years, lived frugally and squirreled away those funds making it work for me and for commerce. Now, Mr Fixit is spewing out freebies for dimwitted college jerks, every illegal mope looking for a leg up, and a growing assortment of freaks, geeks, and misdirected wastrels voluntarily addled and failed at reality and unable or unwilling to hold a job. They get debt forgiveness. They get benefits. Free phones. At 67 I still hold a part time job to afford my necessaries and fear for when I must stop. What will be left for me to hit my final glide? I loathe Biden and every mule he rode in on.
28 people like this.
Reply 5 - Posted by:
DVC 5/5/2022 7:49:22 PM (No. 1147720)
Traitor Joe's fingerprints all over this. Print a couple or four trillion bucks of new money, hand it out like free popcorn, and then cripple the energy industry. And then you get the GUARANTEED inflation, which the Federal Reserve is GOING to (as predictable as the sun rising in the east) have to raise interest rates.
And that is hard on the housing markets (impact not yet felt, but it will be) and on ALL companies trying to raise capital to expand, and it diverts money which is flowing in the "investment stream" from stocks to bonds....which softens the prices for stocks, while the crippling energy policies also harm all companies across the board, in addition to the harms that inflation causes.....across the board.
Dems have stupidly, corruptly and because they are Marxists ginned up a economic disaster out of the literal best economy in half a century....and they have managed to wreck it in under two years.
11 people like this.
Reply 6 - Posted by:
Rich323 5/5/2022 7:50:22 PM (No. 1147721)
President Trump’s policies resulted in: gas for $1.87 gallon, people made significant gains on their 401ks, almost everyone in America had a job, stock market was always tracking upward, borders were watertight, military and border patrol and ICE well funded and equipped, no military losses in 18 months, Terrorists worldwide on the run or dead, but no, the commie democrats and establishment RINOs had to destroy all this in just a year and a half to get back at a non Globalist! This has to stop!
12 people like this.
Reply 7 - Posted by:
bad-hair 5/5/2022 7:51:25 PM (No. 1147725)
But But But ... the ECONOMY is wonderful
Dump a TRILLION or two into it and your stock prices will go up. Until they don't.
3 people like this.
Just the start! Get out now!
5 people like this.
Reply 9 - Posted by:
chumley 5/5/2022 8:35:48 PM (No. 1147756)
I lost 10% out of my retirement between December and February. I got out at the end of Feb and have been breathing a sigh of relief ever since. Looks like I wont be jetting to the Bahamas, but I wont be living under a bridge either.
Work your butt off, sacrifice, save and skimp. Deprive your family of the nicer things in life, and the government will steal what you have saved. One more reason why we are not a free country.
10 people like this.
Reply 10 - Posted by:
DVC 5/6/2022 2:09:52 AM (No. 1147890)
People rushing to lock in temporary paper losses and make them into permanent real losses always amaze me.
1 person likes this.
Reply 11 - Posted by:
mifla 5/6/2022 4:26:39 AM (No. 1147909)
Work hard, save your money, and the government will find a way to take it and give it to someone else.
1 person likes this.
Reply 12 - Posted by:
franq 5/6/2022 5:55:35 AM (No. 1147937)
My IRAs have been in money market for some time. At my age, I won't recover losses.
It's a savings account now, nothing more.
0 people like this.
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