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Mon Jul 13, 2020, 08:06 PM

Stocks slam into reverse as virus keeps scarring economy

Source: AP

By STAN CHOE, DAMIAN J. TROISE and ALEX VEIGA

NEW YORK (AP) — Wall Street got a painful reminder of the threat the coronavirus pandemic poses to the economy Monday, and a big early gain for stocks suddenly flipped to losses after California rolled back its reopening plans amid a spike in cases.

The S&P 500 fell 0.9%, with all the losses accumulating in the last hour of trading, after California said it will extend closures of bars and indoor dining across the state, among other restrictions. It’s one of many states across the U.S. West and South where coronavirus counts are accelerating and threatening the budding recovery that just got underway for the economy.

The announcement from California, which accounts for nearly 15% of the country’s economy, combined with an escalation by the White House in its tensions with China to knock the market down from its earlier gain of 1.6%.

Technology stocks took the hardest hits, highlighted by Microsoft’s swing from an early gain of 1% to a loss of 3.1%. It’s a sharp step back for tech-oriented giants, which have been cruising higher through the pandemic on bets that they can keep growing almost regardless of the economy.



A man wearing a face mask to help curb the spread of the coronavirus stands near an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Monday, July 13, 2020. Asian shares rose Monday, cheered by recent upbeat projections on a global rebound tempered with worries about disappointment that could follow.(AP Photo/Eugene Hoshiko)


Read more: https://apnews.com/f4129ff536b0fd83d91f6812e00ada6b

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Response to Omaha Steve (Original post)

Mon Jul 13, 2020, 08:08 PM

1. Seriously, they just noticed?

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Response to Omaha Steve (Original post)

Mon Jul 13, 2020, 08:12 PM

2. Typical for the "geniuses" of Wall Street investing...

We're doing nothing to combat one of the most deadly pandemics in history? "The economy's going great!"
A major state (finally) does the sensible thing to prevent more deaths? "Sell! Sell!"


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Response to Omaha Steve (Original post)

Mon Jul 13, 2020, 08:17 PM

3. not to worry, the Fed will pump in another 9 trillion to keep their buddies happy. nt

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Response to yaesu (Reply #3)

Mon Jul 13, 2020, 08:39 PM

9. Yeah, shovel companies some more payroll money

Lay off a few million more workers and toss them a few crumbs in unemployment. That'll fix everything!

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Response to Omaha Steve (Original post)

Mon Jul 13, 2020, 08:21 PM

4. If market starts tanking again, McConnell will finally move on the next stimulus package

unless Fed has another trick up its sleeve to prop up market , Senate will take action

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Response to wishstar (Reply #4)

Mon Jul 13, 2020, 08:27 PM

5. See the response above yours,

No need for demand when the supply side keeps getting trillions of free dollars. Take a homeless person living under a bridge and give him 2 million dollars and then ask him how he is doing economically. I quit watching the cable news money shows, they are sickening liars.

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Response to Omaha Steve (Original post)

Mon Jul 13, 2020, 08:30 PM

6. But at his press conference he was bragging that the Dow was up 500 pts. today. It was only up 10.5

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Response to Omaha Steve (Original post)

Mon Jul 13, 2020, 08:36 PM

7. I'm still waiting for the W-shaped recovery

This will be the most hated rally in history if it keeps going up. It may just go sideways for an extended time while Wall Street toughs it out. Or we'll get that huge slide to buy into. It's one of the three.

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Response to Omaha Steve (Original post)

Mon Jul 13, 2020, 08:38 PM

8. So much for the efficient market hypothesis....

Contagious, deadly virus is set lose in the country. Businesses, schools, etc. shutdown to contain the outbreak. Some states ignore expert advice and reopen too quickly. Humans, being human, have this arrogant idea they can control the natural world with only their minds!!!! As though SARS-CoV-2 really cares what they think or feel. They quickly become bored, ignore expert advice as well and revert to unsafe practices. Virus quickly flares again, states reimpose shutdowns and Republican governors look like complete morons..along with all those folks who became bored. And with all that widely available data, computer models and expert advice, Wall Street couldn't predict THAT!?

Oh...I forgot. This is the same market and market players who swore housing prices could never go down, only up, up, up!!! Ignoring the simple math of compounded price appreciation, where eventually no one can afford even a shack. Of course, the melt down ended that lunacy.

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Response to Omaha Steve (Original post)

Mon Jul 13, 2020, 08:41 PM

10. Time for trillions more in stimulus

and big contracts for health care equipment from companies that have never produced any health care equipment before but donated a lot to Trump/GOP campaigns.

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Response to Omaha Steve (Original post)

Mon Jul 13, 2020, 08:57 PM

11. Stock prices were acting like this was just a temporary setback

And that things would roar back to normal once lockdowns were lifted.

I was thinking of massively shorting the market, but was worried about the Fed pumping up prices indefinitely.

Looks like reality is finally hitting.

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Response to Dopers_Greed (Reply #11)

Mon Jul 13, 2020, 09:16 PM

12. the analysts on Wall st have been fucking up on this since it started. Just delusional.

Expect big losses starting tomorrow.
I know I'll lose money in my stocks but Trump will lose his mind so it's worth it.

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Response to Omaha Steve (Original post)

Mon Jul 13, 2020, 09:51 PM

13. Slam into Reverse ?

S&P 500 down 29.82 or 0.94%

DJIA up 10.50 or 0.04%

NASDAQ down down 226.60 or 2.13%

Techs got hurt a bit, but slammed. I think not

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Response to Gilbert Moore (Reply #13)

Tue Jul 14, 2020, 06:27 AM

14. Yes, it slammed into reverse. The Dow 600 points higher midday, S&P was 80 points higher midday. nt

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Response to Omaha Steve (Original post)

Sat Jul 18, 2020, 02:41 PM

15. Kick

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Response to Omaha Steve (Original post)

Sat Jul 18, 2020, 03:05 PM

16. I thought this wasn't supposed to happen until

Biden was elected. Is money still worth anything?



Only an idiot would think you could ignore the virus and that the markets wouldn't be affected.... ummmm.... yup.

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Response to MissMillie (Reply #16)

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