Apparently the Treasury Secretary, Steve Mnuchin called several CEO's of major banks in a very odd move to "calm" the markets, and that didn't have the desired effect to say the least. Of all the headlines the least objectionable for the administration is from FOX (surprise):
Stocks fall hard, extending last week's big sell-off
U.S. stocks on Monday fell hard -- the Dow Jones Industrial Average dropped more than 600 points -- extending last week’s big sell-off.
Investors worried about the prospect of rising interest rates, global economic weakness and prospects for the partial government shutdown extending into next year. All sectors of the S&P 500 were down.
Late Sunday, Treasury Secretary Steven Mnuchin contacted the CEOs of the nation’s six largest banks and convened a meeting of the President’s Working Group on Financial Markets. That group, which includes officials in the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission, met to ensure the financial system had adequate liquidity.
https://www.foxbusiness.com/markets/sto ... g-sell-off
In a completely predictable move trump went on twitter to blame the Federal Reserve...
The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can’t putt!
Two more years of this nonsense.
Speculation is that Mnuchin's calls were to get the banks' thoughts about firing Powell. He got investors' thoughts this morning.
John Q. Public
Sears being a great contemporary example.
It's why I got out and will stay out of equities.
My guess is that many of those supporters don't see the pick for Fed Chair as the more significant reason.
"I'm going to hire the best people."
As of this moment. The Dow Jones is up 2.5%. Are Dems responsible for that as well?
My guess is that your guesses aren't worth much.
Nice! But are you sure it wasn't Melania's choice of shoes to wear last weekend that caused it?
Fixed it for you.
Do you also see the coincidence that today's 5% jump is because the Dems will take control of the House next month?Red wrote:My guess is, liberals cant see the coincidence of the drop in the stock market and the dems winning the house back
“Wall Street is running around like a chicken with its head cut off, while Mr. and Mrs. Main Street are happy with their jobs, enjoying their best wage increases in a decade,” said Craig Johnson, president of Customer Growth Partners, a retail research and consulting firm.
https://www.wsj.com/articles/u-s-holida ... counts-wsj
Consumer confidence rose in September, notching its highest level in about 18 years.
The Conference Board's index rose to 138.4 this month from 134.7 in August. Economists polled by Reuters expected consumer confidence to dip to 132.
"Consumers' assessment of current conditions remains extremely favorable, bolstered by a strong economy and robust job growth," said said Lynn Franco, director of economic indicators at the Conference Board. "These historically high confidence levels should continue to support healthy consumer spending, and should be welcome news for retailers as they begin gearing up for the holiday season."
https://www.cnbc.com/2018/09/25/consume ... ember.html
Wages and salaries rose 3.1 percent in the third quarter, the biggest increase in a decade, according to the Labor Department.
Overall compensation costs were up 2.8 percent, ahead of Wall Street expectations.
Wages have been the missing piece in the economic recovery, though the Fed has been raising rates to guard against future inflationary pressures.
https://www.cnbc.com/2018/10/31/wages-a ... ecade.html
Credo ut intelligam
Very clever Vile! BTW, My guess is, you spoke to soon.Vilepagan wrote:My guess is that your guesses aren't worth much.
Certainly not. It was her Christmas decorations.Professor Fate wrote:Nice! But are you sure it wasn't Melania's choice of shoes to wear last weekend that caused it?
Like I said, your guesses aren't worth much. Like the wild market fluctuations do ya? I seem to recall you were one of the ones bemoaning "uncertainty" when Obama was president. Why the change now?
Hmm, consumer confidence rose in September...
Well, it's December now, and...
Stocks fall in midday trading after disappointing consumer confidence report
Stocks fell in midday trading on Thursday, chipping away at gains made the previous day when the Dow Jones industrial average surged more than 1,000 points.
A gauge of consumer confidence declined sharply in December, missing expectations and weighing on stocks.
The Dow lost 326 points, or 1.42 percent, to 22,552 in midday Thursday trading. The Standard & Poor’s 500 declined 37 points, or 1.48 percent, to 2,431.
The Nasdaq lost 132 points, or 2.01 percent, to 6,423, putting it in a bear market, or at least 20 percent from its most recent closing high of 8,109.69 on Aug. 29. The tech-heavy index fell into a bear market on Friday, but recovered on Wednesday.
The Russell 2000 – an index of small-company stocks that remains in a bear market – slipped 20 points, or 1.5 percent, to 1,310 in midday trading.
The Conference Board said Wednesday that its widely watched index of consumer confidence dropped to a reading of 128.1 in December from 135.7 in November. That marked the least optimistic level since July.(more)
https://www.usatoday.com/story/money/20 ... 420711002/
I thought you might like more up-to-date information.
So how's that "certainty" holding up for ya?
Please don't tell me you believe this crap like Wabash does.
At the exact time I posted that it was correct.Professor Fate wrote:...and no it hasn't. Dow up 260.37. Don't you guys ever get tired of being wrong?
With only two trading days left in the year, I guess we can take solace the market is only down about 6.5% for the year instead of 8% or more.
Not in this thread...notice the title?
You post when the stock market goes up but go quiet when it's in chaos...well, this is the "certainty' that trump brought you so I hope you're happy with it because it's not going away anytime soon.