Dow drops 750 points as red-hot inflation
blows past expectations and drags Wall
Street down
Daily Mail (UK),
by
Keith Griffith
Original Article
Posted By: Ribicon,
6/10/2022 10:43:26 AM
Wall Street veered sharply into the red on Friday following a new inflation reading that was worse that economists had expected, fanning worries about more aggressive steps by the Federal Reserve to tame rising prices. At 10am, the Dow was down 751 points, or 2.33 percent. The S&P 500 lost 2.56 percent and the Nasdaq composite was down 2.99 percent. The Labor Department's report on Friday showed that the consumer price index jumped 8.6 percent in May from a year ago, the fastest increase since December 1981 and much hotter than expected, a sign that inflation has not yet peaked. The new figures suggested that the Federal Reserve could continue
Reply 1 - Posted by:
Ribicon 6/10/2022 10:48:25 AM (No. 1181745)
The US government is controlled by a junta that's bent on destroying the republic, which is provable simply on the grounds that every action they take is detrimental to the economy and the American people. Meanwhile, the US Department of Homeland Security, which escorts illegal aliens and Afghani "refugee" terrorists into the heartland, says the nation is under a great threat from White Supremacists posting mean memes online; AP/Pravda article titled "White supremacists are riling up thousands on social media."
"Their snarky memes and trendy videos are riling up thousands of followers on divisive issues including abortion, guns, immigration and LGBTQ rights. The Department of Homeland Security warned Tuesday that such skewed framing of the subjects could drive extremists to violently attack public places across the U.S. in the coming months."
https://www.startribune.com/white-supremacists-are-riling-up-thousands-on-social-media/600180873/
8 people like this.
Reply 2 - Posted by:
Muguy 6/10/2022 11:13:50 AM (No. 1181778)
Knowing their fate is sealed come January 2023, they are going for broke and taking profits before the market crashes any further.
Attempting to create a panic in the stock market???
9 people like this.
Reply 3 - Posted by:
Sanchin 6/10/2022 11:18:42 AM (No. 1181786)
The American Public is being FLEECED by the elite, this incompetent president, and his administration. Biden and company, including Powell and Yellen, are destroying this country.
9 people like this.
Reply 4 - Posted by:
DVC 6/10/2022 11:27:58 AM (No. 1181799)
The dollar has been devalued, effectively, by printing so many of them and tossing them out like so much confetti.
This really upsets the economy, and even if they stop feeding the "fires of inflation" with trainloads of excess dollars, it take years to burn through the excess dollars printed and handed out already. No quick fix. Be they have to stop printing money by the trainload. This means LESS government spending on everything, for years. Can Washington do it, because it is BOTH PARTIES doing this? Highly questionable.
7 people like this.
Reply 5 - Posted by:
LC Chihuahua 6/10/2022 12:00:07 PM (No. 1181830)
All that 'free money' our government spent. Someone has to pay for it.
When the driving forces of our government are destruction, corruption, and incompetence, this is what you get.
8 people like this.
Reply 6 - Posted by:
formerNYer 6/10/2022 12:07:49 PM (No. 1181840)
Didn't the Kumquat-in-chief just tell us the economy was in best shape in years? Hmmm, he must be confused.
6 people like this.
Reply 7 - Posted by:
Jethro bo 6/10/2022 12:20:18 PM (No. 1181858)
So the fascist think their Stalin show trial is gonna divert our attention from the cost of things. Gs $5 a gallon and shoring higher. Foood almost double in price since Biden took over. Or was its Putin's invasion. Retirement plans are being wiped out and fixed income Americans are quickly joining the poverty class. All thanks to the fascist policies to destroy America in the name of Climate Change religion. Who says there is separation of church and state now?
6 people like this.
Reply 8 - Posted by:
NamVet70 6/10/2022 12:31:42 PM (No. 1181877)
I wonder what investments those people dumping stocks right now think they are better parking their money in. Maybe it is real estate? Gold? Bonds are not a good idea because interest rates are artificially low and would have to go unreasonably high to offer an adequate return. I guess many are just pumping the market, dumping out and then buying back something else they dumped last week and increasing their holdings as the market plunges downward.
1 person likes this.
Reply 9 - Posted by:
john56 6/10/2022 12:31:54 PM (No. 1181878)
What's the Dow Jones down to under Sleepy Creepy Crooked President Uncle Joe? I'm thinking its at about 6. Maybe 10. (from 35,000)
0 people like this.
Reply 10 - Posted by:
bpl40 6/10/2022 12:53:21 PM (No. 1181897)
Used to be in Trump’s time when economic news used to be always “better than expected “.
1 person likes this.
Reply 11 - Posted by:
jimincalif 6/10/2022 1:30:36 PM (No. 1181926)
What is it with so-called experts, anyway? What world do they live in? I have an economics degree, but I didn’t need it to tell me inflation is still running hot. And the energy price increases of the last few months are still working their way thru the supply chain.
1 person likes this.
Reply 12 - Posted by:
JackBurton 6/10/2022 2:39:14 PM (No. 1182008)
Just taking a look at the inflation chart and its oddly familiar. And the it hit me.
...it's that doggone 'hockey stick'
2 people like this.
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