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BIDEN ECONOMY: Stock Market Down Over 1,100 Points on Wednesday – Worst Drop Since 2020
By Joe Hoft
Published May 18, 2022 at 5:30pm
304 Comments
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US Stocks fell today in their worst loss since 2020.
The Dow was down 1,164 points. It was the 8th biggest drop in the history of our market.
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Klāvs Valters
@KlavsGOMarkets
𝗜𝗻𝗱𝗶𝗰𝗲𝘀 | Dow Jones ends the day down by -3.57% (1,164.52 points) at 31490.07 - the worst day since June 2020.Here is how the index has performed over the past year:1-month
https://abs-0.twimg.com/emoji/v2/72x72/25b6.png -10.44%3-month
https://abs-0.twimg.com/emoji/v2/72x72/25b6.png -9.86%YTD
https://abs-0.twimg.com/emoji/v2/72x72/25b6.png -13.34%1 year
https://abs-0.twimg.com/emoji/v2/72x72/25b6.png -7.10%#DowJones#DJIA#Indices
4:58 PM · May 18, 2022
TRENDING:WATCH: Trump-Endorsed Kari Lake DESTROYS Liberal Reporter - It Was So Devastating that the Most Biased Paper In Arizona History Didn’t Even Run the Story!The Wall Street Journal reports:
U.S. stocks fell sharply, with two of the major indexes suffering their worst day since 2020, as the latest set of disappointing earnings from large retailers raised investors’ fears of a recession.
The Dow Jones Industrial Average closed Wednesday down 1164.52 points, or 3.6%, to 31490.07, its lowest closing level since March 2021. The S&P 500 dropped 4%, or 165.17 points, to 3923.68, while the tech-focused Nasdaq Composite slid 4.7%, or 566.37 points, to 11418.15. The Dow and S&P recorded their worst percentage declines since June 11, 2020. The moves marked a U-turn from a day earlier, when technology shares led a rebound in markets.
Major retailers said their profits were hurt by rising costs, sluggish sales and supply-chain disruptions. Shares of Target sank 25%, or $53.67, to $161.61 after the company posted quarterly earnings that missed analysts’ expectations, its worst one-day performance since Black Monday in 1987. Shares of Dollar Tree, Dollar General and Costco Wholesale recorded their largest single-day percentage declines in years—in Costco’s case, since 2003.The US is close to if not in a recession right now. The last monthly high in GDP was in October of last year.
The results are prompting Wall Street to wrestle anew with the idea that the global economy could be headed for a recession. Though that debate is far from settled, it has rattled stocks and other risky assets throughout the year, with the latest data illustrating the degree to which inflation has hit U.S. consumers.
“Inflation is hitting every aspect of an earnings report, whether it be the transportation side or supply-chain disruption,” said Nick Giacoumakis, president and founder of NEIRG Wealth Management. “Customers are no longer buying the more expensive items they would typically buy. All this trickles through to an earnings report.”
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BIDEN ECONOMY: Recesssion Looming – US GDP Down 5 Months in a Row – Last High Was in October 2021
The Gateway Pundit reported one month ago on April 4th that the US economy was contracting and in the early stages of a recession. Today’s numbers show that the US GDP is down five months in a row with the last high in October 2021. We’ve reported for months that the US economy is contracting … Continue readingBIDEN ECONOMY: Recesssion Looming – US GDP Down 5 Months in a Row – Last High Was in October 2021
https://www.thegatewaypundit.com/wp-...on-150x150.pngThe Gateway Pundit
BIDEN ECONOMY: Stock Market Down Over 1,100 Points on Wednesday - Worst Drop Since 2020 (thegatewaypundit.com)
