Dow crashes 10% in biggest one-day percentage drop since 1987

U.S. stocks tumbled more than 9% on Thursday, with Wall Street extended its dramatic slide into a bear market as the Dow, S&P 500 and Nasdaq all crashed in response to the global COVID-19 coronavirus pandemic.

Javier E. David, Emily McCormick, and Nishant Mohan for Yahoo Finance:

PanicWeeks of panic-driven selling has dragged blue-chip stocks into bear market territory at a breathtaking pace, of less than a month from peak to trough.

By Thursday’s close, the S&P 500 dropped 9.5%, or 260.62 points, in its largest percentage decline since the Black Monday crash of October 19, 1987. The blue-chip index slid more than 20% in total from its recent closing high from mid-February, sending it into a bear market. The Dow’s 9.99% decline Thursday was also the biggest since 1987, and constituted a drop of 2,352.6 points…

Amid the heightened market turmoil, the New York Federal Reserve stepped in midday Thursday and announced a major asset purchase program, offering $500 billion in three-month repo operations, an additional $500 billion in one-month operations and another at least $220 billion in operations with durations of two weeks or fewer.

The central bank also said its securities purchases would include a range of maturities, to match the composition of the Treasury market… Other proposals under consideration by the Trump administration included a payroll tax cut and expanded worker protections, to help counteract any economic fall-out from the ongoing coronavirus outbreak.

While some of these ideas have been met with resistance in the House, Eurasia Group’s Todd Marino wrote late Wednesday that “the snowballing impact of the coronavirus in coming weeks, combined with a White House push, will likely result in bipartisan alignment — rare in an election year — on [a] big-bang stimulus.”

MacDailyNews Take: Black Thursday II. Dare we hope for a sub-$200 Apple?

31 Comments

      1. Is that what washed away your retirement savings? Sorry to hear about that.

        Now I’d like to have Apple release new iPhones and Macs, and MfuckingDN to try to stick to reporting on that.

        You goddamned political jerkoffs can hold your stupid mud slinging until Nov 1 at least. Or find a forum that specializes in pointless squabbling.

    1. N1H1 numbers are final. We won’t know what hit us until October. The predictions are 150 million infected with 2 to 3 million deaths. So not even the same ball park. So easy for you to call fowl, when the play isn’t even finished. I am not complaining about Trump. I don’t care what he says. Just don’t say the stakes aren’t fair when you don’t know what’s going on.

          1. There were two videos in that blog, but to expect you to have more than a 30 second attention span I realize is asking a lot.

            So once again you have nothing to offer.

        1. Right you are.
          https://en.wikipedia.org/wiki/2009_flu_pandemic

          In April 2009, when the first H1N1 case was internationally reported from Veracruz MX, the US federal government had nothing on its plate to work on at all. 4 months into his administration, with red ink on every business and government balance sheet, there is no question that Obama was less than ideally responsive to the health emergency south of the border. By June the spread was like wildfire. Tens of thousands died worldwide. If only there was a big beautiful wall to protect everyone from the nasty unwashed invaders, things would have been totally better. Bigly.

          Obviously those past mistakes excuse the current president to repeat the same lame performance, and in addition to spend multiple weeks tweeting first that this was a silly seasonal flu, then a “hoax”. His officials claimed the US was almost “airtight”. HIV expert Pence was surely the right man to manage the crisis. Meanwhile the CDC still can’t get adequate funding for testing. Thus there is little accurate data to guide where resources need to be ramped up as the virus spreads and local agencies are definitely projecting the worst. What else can they do if they can’t test potentially infected people???

          Instead of being smug and cheap, Trump could have a) done the opposite of what Obama did, as usual or b) imitated Korea, which took decisive action as soon as the reports started coming from China, or preferably c) work with international experts and do as they recommend instead of ignoring his own staffers and then much later going into ineffective travel bans long after most states were already infected.

          Sometimes intentions matter. This current president has always bragged about the stock market and has done nothing to improve healthcare as he promised. Ergo he cares more about financial bailouts for his friends than anything health related, just look who he meets with as the health scare continues. A person truly dedicated to health and wellbeing wouldn’t prioritize campaign fundraising, tweets assigning blame and excuses; and go golfing. A real leader would get to work coordinating a comprehensive response. Yesterday’s speech proved he has no such coordination in work.

          Trump’s arrogance, not Obama’s inexperience, is what matters now. Under pressure, Trump is flailing badly, and the results in 6 months could be as bad or worse than the H1N1 pandemic. Time will tell.

          Going slightly off topic: if you want an example of a great leader’s response in disaster, read the details of what Teddy Roosevelt (R) did behind the scenes after the 1906 San Francisco earthquake. In less than 24 hours, Roosevelt had a train with the National Guard there help put out the fires and distribute relief supplies. Knowing that was not enough, Roosevelt the very next day authorized and funded additional relief through the Red Cross. After that, the San Francisco you see today was largely rebuilt with federal loans. Of course, Roosevelt could have simply let the local fire departments deal with it.

          1. No one is claiming any President is excused because of another.

            Point one you missed is that the media is ready to jump all over anything he does no matter what. Obama could have done the EXACT same thing without any media retribution.

            If you don’t understand much of this scare is drummed up because of Democrats and media looking to beat up on Trump then you are in no position to judge. The fact that you believe he called it a hoax shows me how little attention you pay to real news, since he never did that.

            Maybe if our government wasn’t such a bureaucratic jungle test kits could’ve been developed much quicker.

            Maybe if the left wasn’t an international laughingstock of easy manipulation, jumping on any small thread to weave it into such fiction as to put Arthur Clarke to shame, our leaders could stay on target to get something done rather than politicize even a funding bill like Nancy has done.

            Keep building that orange boogeyman in your dreams to haunt you every time something occurs you can’t understand, the rest of us adults will keep moving forward.

            1. Spare us the victim card your painted orange hero keeps playing.

              The president declared the press an enemy of the people, refuses to hold actual press conferences, and then whines whenever criticised.

              If you were interested in being objective, you could easily find multiple examples of press criticism for all prior leaders during crises. SARS, Ebola, Zica, HIV, Swine Flu, Avian Flu, …

              Instead you’re here trying to play Whatabout games and pin blame on the blue team. Obama endured 8+ years of intense scorn for the 2008 crash which occurred before he stepped into office. Nothing he did or said would soothe the rabid right. There was no middle ground, as the GOP senate leader publicly declared his first goal was to undermine the president and make him a 1-termer. Now you claim Donny is being given too tough a time. Whaaaaaaa.

              You would think that each administration would learn from the prior one. Instead every outbreak is treated like it’s the first time and the learning curve is always slower than people want. If there is one thing social media has uncovered, it’s how much people love to whine. It goes both ways, the extremes being the most shrill.

              Don’t forget that when Donald takes to Twitter to air his endless grievances, modern social media reactions are instant and scathing. He asks for it. If he can’t stand the heat, he should step back from the social media.

              Yesterday stocks dropped their biggest single day decline since 1987 immediately following the White House speech. That speech was heard and reprinted verbatim all over, included MDN. The press didn’t rewrite it. Investors lost confidence in the president. The public relationship problems of this president isn’t entirely a press problem. Maybe, just maybe, the administration needs to spend less time whining and more time governing.

              Conservative press whined every time Obama set foot on a golf course. Where’s the equal consideration from you on that issue???

            2. The left-right bickering is always pointless. Are you ever going to meet in the middle?

              As for Trump’s victimization, let’s just recall what his own administration revealed:

              https://www.nbcnews.com/health/health-news/it-failing-let-s-admit-it-fauci-says-coronavirus-testing-n1157036

              “It is a failing. Let’s admit it.” – Dr. Anthony Fauci, director of NIAID

              The damnable press had the gall to put Dr. Fauci’s testimony out into the wild for people to hear. Then they went another step to far: they compared US response to other nations.

              “The blunt acknowledgment came as the CDC reported it had tested just over 11,000 specimens for the virus so far, far fewer than other nations, especially given that multiple specimens are needed for each patient. Meanwhile, South Korea is testing nearly 20,000 patients per day, according to the BBC.”

              Well obviously the BBC is to blame.

            3. Julia-
              “The president declared the press an enemy of the people, refuses to hold actual press conferences, and then whines whenever criticised.”

              Remind me, which reporters has he had arrested?
              Which reporters phones has he tapped?
              Which reporters computers have been bugged?
              Which reporters has he paid to write talking points?

              But let’s get something straight, there is a difference between a ‘reporter’ and a ‘bullshit political hack’ to me. Yes, there are some on the right, but the vast majority of misleading propaganda comes from the liberal media.

              So when he goes after these bullshitters who constantly leave out details, misreport, or outright lie to set their agenda, then I am all for a President calling them out and if their employers had any scruples they’d fire the assholes.

              So next time you think he’s threatening news reporting, maybe you should realize it is the reporters misleading the public, and in fact THEIR WAR AGAINST THE AMERICAN PUBLIC, that is being called out, not the institution.

              Also have you forgotten Clinton’s War on Rush?
              Obama’s War on FOXNews?
              (not to mention that list of crap up top he did)

              I know you have’t forgotten those because you never think of that as a war on the media because they didn’t TELL you to think that….

            4. Poor Mikey-

              ““It is a failing. Let’s admit it.” – Dr. Anthony Fauci, director of NIAID”
              Once again you can’t understand what someone is saying.

              He has said repeatedly what is failing is the system the CDC has in place to handle an epidemic is not enough for a pandemic.

              This has (hopefully) been remedied. MoveOn…..

        2. you’re parroting bad advice for all the wrong reasons.

          pandemics are exponential events. you should have heard about flattening the curve. it may be that theres zero difference in the total number of people infected no matter what anybody does. but treatment availability determines death rates.

          what will matter is making sure resources are in place so that where outbreaks occur, the infected dont overwhelm the local hospitals. that is a government function.

          trumpet has tried every year to cut funding for government safety nets. he also pretended that people on their own would fight off this virus. not so. hospitals will not be able to handle the rush.

          seasonal flues dont overwhelm hospitals all at once. that is the difference.

          trumpie owns this. enough with the excuses already

    2. DD: educate thyself

      https://www.medpagetoday.com/infectiousdisease/publichealth/84698

      242,200 confirmed cases worldwide, with many nations including the USA facing inadequate test kits
      9850 deaths worldwide since first case in Nov. 2019

      IF the death rate was perfectly controlled and linear, which it isn’t, then COVID-19 death statistics from 4 months of spreading would scale to 9850 x 12 / 4 = 29550 deaths by the end of the year.

      Unfortunately, uncontrolled pandemics spread exponentially, and if hospitals are overrun, then the death rate will shoot up. So ~30k deaths is a severe lowball estimate based on extremely premature and crude data. It will take months before anyone will be able to predict the trends.

      How long are you going to cling to your story that Orange Chosen One told you, it’s just another flu?

  1. All thanks to that fine leadership we have in the administration in Washington. But, no worries, we have that national security office that responds to pandemic threats, oh yeah, I forgot, it was eliminated two years ago.

            1. Given your incredibly high level of stupidity, that is a great compliment. Thank you Goeb.

              I I am proud to be hated by an idiot like you 🙂

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