March 17, 2020
President Donald Trump was asked at his latest Coronavirus press conference if we were going into a recession and he answered, “well, we might be.”
Yeah, I think it’s safe to say.
US stocks ended sharply lower on Monday, with the Dow posting its worst point drop in history and falling to its lowest level in nearly three years. Worries mounted that central banks’ emergency measures over the weekend meant the economy is in much worse shape than previously believed.
Instead of soothing the markets, another emergency interest rate cut from the Federal Reserve had the opposite effect.
Stocks tripped a circuit breaker at the New York open, with the S&P 500 (SPX) falling more than 7%. Trading was halted for 15 minutes.
The market remained in the red all day and sold off further in the last hour of trading, as President Donald Trump said the coronavirus outbreak could last until July or August.
The S&P 500 closed down nearly 12%, while the Dow (INDU) fell 12.9%, or 2,997 points, down. The index hasn’t been this low since May 2017.
The Nasdaq Composite (COMP) closed down 12.3%.
This is apparently already way past 2008 levels and has reached 911 levels.
By the way, just so you understand: I’m not laughing at you.
I’m laughing with you.
What did they do with that $1.5 trillion???
Where did it go???
I still haven’t seen my check, which should be for $5,000.
I mean, I guess it’s just.
You know the thing.
You hate to see it.
One question: can’t we just print infinity money?
The funniest thing about all this is that even though this is the big one, and it is finally happening, it doesn’t really feel like a happening.
It all seems kind of surreal and far away, doesn’t it?
Maybe it’s not really even happening?
Just joking. I don’t endorse that post.