The Dow just crashed 3,000 points -- here is why it happened

[question everything]

A press conference with President Trump on Monday afternoon sent an already crashing market right on through a trapdoor.

The Dow Jones Industrial Average plunged nearly 3,000 points Monday with selling pressure accelerating into the close as Trump gave the nation an update on the coronavirus. “The President’s press conference where he said this virus could cause disruption into August was longer than many anticipated. Of course, no one knows, but that was a wakeup call for some investors who thought this may be much shorter in nature,” SunTrust chief markets strategist Keith Lerner told Yahoo Finance via email.

Other experts agreed with that as the trigger point for the swift selloff over the final 30 minutes of trading.

(snip)

Further damaging frail market sentiment was the president suggesting the U.S. may be headed into a recession. Trump’s promise of a “backstop” for airlines struggling to deal with the economic fallout of coronavirus did little to soothe investor psyche.

More..

https://finance.yahoo.com/news/the-dow-just-crashed-3000-points-here-is-why-it-happened-203917420.html

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For the love of god, go away! Appoint an "economic czar" - someone who knows what he is doing and is not going to praise you constantly. Who will look you in the eyes and say: this is what we have to do
.

[mikeysnot]

1. Hopefully he will finally realize that you cannot declare

bankruptcy and make this mess go away.

[procon]

2. How do you spell, Failed Presidency?

Probably the same way you spell, we're totally fucked.

[The Genealogist]

3. Just let him hole up in a golf course and give him a fake phone so he can tweet and

Nobody will see it. Seriously, his mere presence in the middle of this right now is making it worse. He has no idea what he is doing and it is scaring the crap out of everyone.

[llmart]

4. Great idea!

Make it Mara Loco where there should be plenty of germs.

I love the fake phone bit. He's too stupid to know it's fake.

[CountAllVotes]

5. The work of a stable genius

It is not doing any good at all is it?

[C_U_L8R]

6. Trump just can't cope.

He simply doesn't possess the smarts, skill or common sense to help in any way. He needs to resign before his bungling causes exponentially more deaths and economic ruin.

[Yonnie3]

7. Did he crash it so it could recover just before the election?

Have to get it very low so any gain will look good? I'm paranoid I guess. I don't think he is that much of a forward looker.

[superpatriotman]

8. Re 'backstopping' for the airlines:

Not one penny to bond holders. Not one penny.

Haircut time folks. Not handout time.

As a matter of fact not one penny to any bondhoder or creditor. The suffering must be shared.

[ooky]

9. Just my opinion, but I don't believe that investors are that stupid

to believe that "they thought this would be much shorter in nature" and that hearing that this could go through the summer would cause that much shock to their systems. That would mean they are pretty damn naive. Unless, of course, they are talking about the Trump humping investors, which I guess could be, but I think this stock market was already on its way to this close today before President Stupid opened his useless yack.

When I step back and look at this picture I'm expecting this pandemic to take a long time to resolve, maybe until there is a vaccine(??). I mean, what else exactly that is remotely predictable going to make it get better? So August is easily within the realm of possibilities, and shouldn't surprise anyone who has been paying attention.

[lpbk2713]

10. Is America great again yet?

I think I'll be waiting a while for that to happen.