Dow tumbles 680 points in worst
decline since January as hot
inflation reading spooks investors
CNBC,
by
Yun Li
&
Maggie Fitzgerald
Original Article
Posted By: NorthernDog,
5/12/2021 5:33:22 PM
U.S. stocks declined sharply on Wednesday as hotter-than-expected inflation data triggered massive selling, especially in technology shares. The Dow Jones Industrial Average fell 681.50 points, or 2%, to 33,587.66, posting its worst day since January. The blue-chip benchmark tumbled as much as 713 points at its session low. The S&P 500 lost 2.1% to 4,063.04 for its biggest drop since February, while the tech-heavy Nasdaq Composite slid 2.7% to 13,031.68, bringing its weekly decline to more than 5%. Inflation accelerated at its fastest pace since 2008 last month with the Consumer Price Index spiking 4.2% from a year ago, compared
Reply 1 - Posted by:
OBX Pete 5/12/2021 5:40:35 PM (No. 783536)
Could this be the beginning of a great big market crash under Biden that could be worse than the crash around 1930?
Nothing can surprise me with Biden running things !!!
22 people like this.
Padawan Slo Jo has learned well from CCP/UniParty.
15 people like this.
Reply 3 - Posted by:
jalo1951 5/12/2021 5:46:16 PM (No. 783540)
I don't know what is going to happen but I have decided to start food prepping again. Let it go once the pandemic shortages loosened up but I just have a bad feeling about this. I hope I am wrong but would rather be safe than sorry. Besides, the food will last and last. Watching "The Five" and Juan just said the dems have brought back "happy days are here again". Life is good, it's all good, no problems, do not look at the man behind the curtain. Trying to figure out if it is me or Juan that is living in an alternate universe. I just see things getting worse. Prepping and hanging on to my money.
18 people like this.
Reply 4 - Posted by:
skacmar 5/12/2021 6:17:52 PM (No. 783561)
If I recall correctly, a certain Republican Presidential candidate who unfortunately lost the election (many say it was stolen), clearly predicted that the Biden / Democrat policies would cause exactly what is occurring today. Stock Market crashing, inflation rising (fast), prices rising (fast), job losses in certain job sectors due to idiotic policies, rising fuel prices, and a whole bunch of other predictions. Not to say Trump told you so, but....He told you this would happen. Trump was right!
18 people like this.
Reply 5 - Posted by:
moebellini3 5/12/2021 6:23:27 PM (No. 783567)
Thank you Joe Biden, thank you democrats. When you tuck your children in bed tonight make sure you tell them that they have no future and that you had to do it for the party, the nazi party. Its party over family and children. Great job comrades.......Go it dummies.
8 people like this.
Reply 6 - Posted by:
bad-hair 5/12/2021 6:34:02 PM (No. 783578)
Take the money and run. What was once offshore is again offshore. Make any big purchases (car) NOW. Biden's probably holding a boatload of Bitcoin. You really don't think that just popped up spontaneously do you ? The Uber sect needed a stash for their wealth that didn't depend on US dollars.
7 people like this.
Reply 7 - Posted by:
formerNYer 5/12/2021 6:37:32 PM (No. 783579)
Moved all my money a week after the election swindle, you haven't seen nothing yet, Xiden will make Carter look competent.
11 people like this.
Reply 8 - Posted by:
udanja99 5/12/2021 6:42:46 PM (No. 783586)
I called my broker today. He’s fairly conservative and sees this as a market correction which happens 2-3 times per year. He thinks it will be back up higher than ever by the end of the year. I pray that he’s right.
9 people like this.
Reply 9 - Posted by:
SALady 5/12/2021 7:17:19 PM (No. 783606)
Elections have consequences -- especially stolen ones!!!!!
But I will say that we probably can't blame not-my-president Senile Joe biden for this. The man is far too advanced in dementia to have a clue what is going on. But we can sure blame his handlers for intentionally destroying our economy. It was their plan all along!!!
5 people like this.
Reply 10 - Posted by:
NYBruin 5/12/2021 7:55:43 PM (No. 783639)
Your retirement savings are crumbing - but look on the bright side: no mean tweets! (/sarc)
3 people like this.
Reply 11 - Posted by:
Namma 5/12/2021 8:35:03 PM (No. 783660)
Anyone really surprised. I’m not. Question is. How long will it last
2 people like this.
Reply 12 - Posted by:
coldoc 5/12/2021 8:59:33 PM (No. 783678)
There used to be a well used term for spending money like no tomorrow, but I'd get banned for life.
3 people like this.
Reply 13 - Posted by:
DARling 5/12/2021 11:16:52 PM (No. 783781)
Our economy has a case of Bidenitis. Whether or not it is terminal will be up to the spinal strength of Republican politicians and the resolve of the American electorate.
1 person likes this.
Reply 14 - Posted by:
Dodge Boy 5/13/2021 12:22:11 AM (No. 783804)
Nothing to see here. The market was way overheated. I took out some more stock options a couple of months ago. If the current downturn worsens, I am in fat city. Yes, I am shorting the market. My portfolio of precious metals mining company portfolio took some damage today, but, I'm still having a good year with these. I may buy some more gold and silver bullion.
Whatever you do, stay away from crypto-currencies.
This isn't the long-awaited Aftershock. I think that may be at least a year out yet. For now, higher inflation will be fairly common. Have you been checking the costs of building materials, food items, housing prices, and energy lately?
1 person likes this.
Reply 15 - Posted by:
DVC 5/13/2021 1:25:41 AM (No. 783845)
I'll need to see if there are any good bargains out there.
1 person likes this.
Reply 16 - Posted by:
Trigger2 5/13/2021 2:26:59 AM (No. 783882)
Everyone can send a thank you note to Biden, the worst president ever.
1 person likes this.
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You're doing a heck of a job Joey - a heck of a job.