Dow tumbles nearly 600 points into bear
market territory, sets a new low for the year
CNBC,
by
Samantha Subin
&
Alex Harring
Original Article
Posted By: Dreadnought,
9/23/2022 1:28:34 PM
Stocks tumbled on Friday to close out a brutal week for financial markets as surging interest rates and foreign currency turmoil heightened fears of a global recession.
The Dow Jones Industrial Average fell more than 700 points to fall below 30,000 to a new low for the year. The 30-stock index is fell 20% from its high, known as bear market territory on Wall Street. It was last trading 548 points lower, or 1.8%. The S&P 500 fell 2% and headed for a new 2022 closing low, while the Nasdaq Composite slid about 2%.
"The market has been transitioning clearly and quickly from worries over inflation to concerns over the aggressive
Reply 1 - Posted by:
DVC 9/23/2022 1:48:39 PM (No. 1285817)
Higher interest rates are not good for stocks. Eventually there will be money that moves from stocks towards bonds as bond yields start to come up. Old bonds are a total disaster now, but new bonds with higher interest rates, if from a stable source, will attract a certain type of risk averse money away from stocks. That will drive stock prices down.
5 people like this.
Reply 2 - Posted by:
downnout 9/23/2022 1:51:35 PM (No. 1285823)
Thanks for letting us know, CNBC. I’m sure none of us were aware that our 401(k)s, retirement savings, etc. we’re heading south. Jerks.
14 people like this.
Reply 3 - Posted by:
stablemoney 9/23/2022 1:52:53 PM (No. 1285825)
The Dow was at 18000, when Obama left office. Another 2 years of Biden, and that is where the Dow will be, when Biden leaves office.
13 people like this.
Reply 4 - Posted by:
TLCary 9/23/2022 1:58:47 PM (No. 1285834)
We are crashing, PULL UP, PULL UP. No?
The crash is the plan. You have to destroy capitalism for communism to have a chance. Hunter will still be able to afford prostitutes by the dozen. Peasants are cheaper when they are hungry.
14 people like this.
Reply 5 - Posted by:
thekidsmom66 9/23/2022 1:59:06 PM (No. 1285836)
What kind of sentence is this?? Is fell? Good grief.🤦♀️
"The 30-stock index is fell 20% from its high, known as bear market territory on Wall Street."
6 people like this.
Reply 6 - Posted by:
Rumblehog 9/23/2022 2:02:32 PM (No. 1285842)
It's pretty much over. We'll soon be in a Depression here folks.
8 people like this.
Reply 7 - Posted by:
skacmar 9/23/2022 2:19:49 PM (No. 1285857)
The stock market dropping like a rock is just transitory. Sure it will stay at it new low and people's retirement savings will be decimated, but it there is no inflation and the economy is strong! Democrats have forced retirees to choose between food and medications. Joe Biden is pushing old people in wheel chairs off cliffs and grandma has to eat dog food. Maybe Republicans can copy the old Democrat commercials depicting the pain that liberal Democrat policies are inflicting on the entire nation.
7 people like this.
Reply 8 - Posted by:
DVC 9/23/2022 2:31:43 PM (No. 1285863)
The stock market was at just below 18000 just before Trump was elected. It is currently at just below 30,000. That is still a 66% INCREASE in value, if you did the perfectly brain dead, no skills investment strategy of just 'buy the Dow'. Most mutual funds do better than this, but some do worse, of course. My mutual fund portfolio is about 60 mutual funds, and they are annually adjusted to be ALL in the upper quartile of performance. Fall below the midline, and we move to another in that same sector with better performance. Lots of diversification and lots of smart heads actually managing the money day to day with this strategy. I have substantially exceeded the "buy the Dow" return since 2016.
Is watching things go down fun? NEVER. But any decent portfolio should still be worth 1.66 times what it was worth six years ago, which in the crudest calculation is around 11% per year GAIN. I don't like what is happening but I'm sure not behind net in the last six years, although the trend is really bad because our leadership is REALLY BAD.
But perspective is important. Short term outlooks are foolish and will drive you crazy. Take at least a five year view if you invest.
7 people like this.
Reply 9 - Posted by:
Nimby 9/23/2022 2:35:00 PM (No. 1285864)
A third of my retirement is wiped out under this clown's spending orgy!! And out of the window went my plans of retirement
11 people like this.
Reply 10 - Posted by:
Birddog 9/23/2022 2:52:22 PM (No. 1285878)
Krugman ..."Prepare for the Biden Boom!"- headline Nov 2020
He didn't explain that it would be an explosion.(exactly as others had forseen and warned)
5 people like this.
Reply 11 - Posted by:
NorthernDog 9/23/2022 2:55:34 PM (No. 1285879)
GDP was negative the last two quarters. The media has been bending over backward to deny were in a recession already. At some point the truth is too big to ignore.
6 people like this.
Reply 12 - Posted by:
snowoutlaw 9/23/2022 2:58:45 PM (No. 1285882)
A couple more days like this and it might be time to start buying. When the news is 100% doom and gloom, that's the trigger I'm looking for. We're not there yet. Probably when DOW is somewhere around 20,000 or the lows from the COVID bottom. It will probably do a sucker bounce next week before it drops some more.
4 people like this.
Reply 13 - Posted by:
DVC 9/23/2022 4:04:41 PM (No. 1285926)
Re #9, I hope that a gentle and polite suggestion that you consider seeking professional money management guidance isn't taken badly. When results in a particular portfolio are worse than the overall market swing, that would possibly indicate a lack of multisector diversification or other than top notch investment management.
A relative lost 50% of her retirement fund in the 2008 downturn when she was doing her own financial management. I recommended she hire a pro since we were only down 15% and back even in about 8 months in the same downturn. She got a professional money manager and is doing far better now. I realized that however smart I may be in other things, I am not a financial professional, and I should have pro for this. I started with professional money management in about 1986 or so. I have learned much and my retirement is far, far better than I could have done on my own. YMMV.
1 person likes this.
Below, you will find ...
Most Recent Articles posted by "Dreadnought"
and
Most Active Articles (last 48 hours)