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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsDow sinks 900 points to cap Wall Street's worst week since 2008
Stocks attempted to rally Friday but failed, concluding one of the most volatile weeks ever on Wall Street as traders grappled with mounting fears over the coronavirus economic blow.
The Dow closed down 913 points, or 4.5%, after rallying more than 400 points earlier in the day. The S&P 500 shed 4.3%. The Nasdaq ended 3.8% lower after jumping more than 2%.
Sources told CNBC that Ronin Capital, a clearing firm at the CME Group, was unable to meet its capital requirements. The news weighed on stocks in the final two hours of trading because it was yet another sign of the pressure being put on some firms amid the sharp downturn in markets.
Among the other factors weighing down the market once again Friday afternoon were a stay-at-home order for New York State, a swift reversal in crude prices and a strengthening dollar. The rollover in oil, which has lost half its value in a month, is having a ripple effect, leading investors to sell assets in other markets. Oil gave back a strong gain to settle sharply lower.
https://www.msn.com/en-us/money/markets/dow-sinks-900-points-to-cap-wall-streets-worst-week-since-2008/ar-BB11sJUg
I'm afraid to look at my accounts. My loses so far to my retirement accounts are in six figures.
gibraltar72
(7,511 posts)doc03
(35,363 posts)brewens
(13,620 posts)in the nuts.
Blue_true
(31,261 posts)Trump shit-show. Like I pointed out in another post, the FED may patch this one up, but with stocks and all the poorly regulated derivative products that Market Makers are making markets for, we are looking at trillions of dollars of cumulative turnover in a short period, if a sizeable Market Maker gets into trouble, there is no way the FED will be able to paper over that. It is doubtful that the FED even know how much and the variety of financial instruments out there nearing falling into an abyss.
Moostache
(9,897 posts)I know its gone past that now, but I just can't look yet to see how bad the Trump dammage is to my accounts....I am really wishing I had another 10 years on that retirement window again because right now, even 22 years out its looking bleak...
emmaverybo
(8,144 posts)MerryBlooms
(11,771 posts)If you have a few years before retirement, you'll probably be okay. I have just a tiny bit left in my retirement accounts, but I haven't dared look at the damage. I'm 56, so I have time to recover during a Democratic presidency. I've lost half my income, but on the bright side, I got a $13.00 dividend check from my credit union!
Yo_Mama_Been_Loggin
(108,190 posts)No fear being thrown out in the street or starving. Just a lot of discomfort when looking at the numbers.
MerryBlooms
(11,771 posts)This is temporary. You'll be okay. We'll get through this. Thank goodness for DU!
Blue_true
(31,261 posts)If you have enough in cash for 5-6 years, you most likely will be ok, if not, look into how you can cut expenses in the future.
Blue_true
(31,261 posts)Even if the FED patches this one up, there will be others. A Market Maker running out of funds as buy/sell orders go out of whack on the sell side. That Market Maker will immediately suck down other companies and a contagion of finance company failures will ignite. This could make the Bear Stearns and Lehman Brothers failures look paltry.
I don't want to sound like an ass, but you and other people that are now getting hammered were warned in the Summer to get to the sidelines in cash or safe cash equivalents. Donald Trump is an unstable, erratic person, a crisis was bound to happen that would highlight how totally inadequate a leader he is. I just don't feel that he is remotely capable of measuring up to the chaos that is to come. You trusted that Trump wouldn't screw things up too much, there were others last Summer and Fall who didn't agree and got to the sidelines in cash, now those people's biggest concerns is what money instruments to put or keep their money in while the disaster of this administration plays out, they aren't concerned about whether their nose will get back to the surface before they need their retirement money. One thing that I have learned from business is that if I have a concern that keeps bothering me, I had better slow down and investigate all aspects of that concern, from his first day, I didn't trust Donald Trump to properly face down a real crisis when one happened, we are there now, it is too late to go back to a safer time.
smirkymonkey
(63,221 posts)eventually. However a large portion of my retirement plan is in company stock which I can't move and we have taken a big hit. I still have a long way to go, but this is bumming me out. However, it could have been a lot worse had I been more exposed.
Aquaria
(1,076 posts)About pegging today as the day the Dow closed below 20 Jan 2017 numbers.
I take no pleasure in being right about it.
This is going to be a bad one, folks. The volatility is driving the markets ever downward, and that's a bad sign that there's no confidence left in the markets. Oh, some vultures will do short-term profiteering that will give the illusion of bouncing back, but that bouncing is nothing but a bunch of dead cats.
Everyone else? They're getting out and hunkering down in more stable investments.