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(5,376 posts)
Thu May 5, 2022, 05:45 PM May 2022

Dow tumbles 1,000 points, Nasdaq loses 5 percent in worst day since 2020 [View all]

Source: NBC News

Stocks suffered their worst day of the year on Thursday, pulling back sharply and completely erasing a rally from the prior session in a stunning reversal that deepened the market’s losses for 2022.

The Dow Jones Industrial Average lost 1,120 points, or 3.3 percent. The S&P 500 and Nasdaq Composite fell 3.7 percent and 5.2 percent, respectively.

The moves come after a major rally for stocks on Wednesday. The Dow surged 932 points, or 2.81 percent, and the S&P 500 gained 2.99 percent for their biggest gains since 2020. The Nasdaq Composite jumped 3.19 percent.

Those gains had all been erased before noon in New York on Thursday.
“If you go up 3 percent and then you give up half a percent the next day, that’s pretty normal stuff. ... But having the kind of day we had yesterday and then seeing it 100 percent reversed within half a day is just truly extraordinary,” said Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research.

Read more: https://www.nbcnews.com/business/markets/markets-tumble-day-after-federal-reserve-interest-rate-hike-rcna27513?share=facebook

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WTF? I just ordered my DOW 40K hat 😭😭😭 yaesu May 2022 #1
' . . . seeing it [the big gain] 100 Percent reversed within half a day . . . ' empedocles May 2022 #2
Stock markets do not assess a functioning economy since only the investor class is affected AZLD4Candidate May 2022 #3
Ban buybacks or at least multigraincracker May 2022 #6
i wouldn't say I'm "the investor class." My pension from my less-than-average pay job has been hit Doodley May 2022 #8
You are a small time player. That's not what I mean by investor class. AZLD4Candidate May 2022 #10
"....only the investor class is affected" Doodley May 2022 #12
I'm shutting this down. I am not going to engage in this. AZLD4Candidate May 2022 #13
You're welcome to take your toys and go home TheProle May 2022 #24
When a rich person loses half their net worth, it doesn't affect their lifestyle at all progree May 2022 #14
The "investor class" includes union members, whose pension funds mahatmakanejeeves May 2022 #22
It's on bucolic_frolic May 2022 #4
It was up, what 784 yesterday? Warpy May 2022 #5
Dow closed up 932 yesterday BumRushDaShow May 2022 #7
Thanks, I didn't check much after noon MDT, I guess Warpy May 2022 #11
I usually pop the local news radio station on here 3 pm ET (my time) BumRushDaShow May 2022 #15
S&P 500 is down 13.6% from its Jan 3 all time high (4797), and down 13.0% year-to-date progree May 2022 #9
Yeah they have been pretty consistent noting that they have been in a bear market territory BumRushDaShow May 2022 #16
Are they talking bear market? I thought 10% down was a correction and 20% down was a bear progree May 2022 #17
Well that's why the reports couched it with that term "territory" BumRushDaShow May 2022 #18
There's a metric shitload of middle class voters out there with their meager Calista241 May 2022 #19
That's a bingo. mahatmakanejeeves May 2022 #23
Sad. ck4829 May 2022 #20
Intentional Sick_n_Tired May 2022 #21
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