Everything is crashing down around our Wall Street president, who just doesn't seem so business savvy these days:
Stocks fell sharply once again Thursday as investors worried that the coronavirus might be spreading in the U.S. A slew of corporate and analyst warnings also dragged down the major averages.
The Dow plunged more than 800 points, while the S&P 500 tumbled 2.9% and the Nasdaq sank 3.3%. Those losses put the Dow, S&P 500 and Nasdaq in correction territory, down more than 10% from the record highs set earlier this month.
The CDC confirmed Wednesday the first U.S. coronavirus case of unknown origin in Northern California, indicating possible “community spread” of the disease. The CDC doesn’t know exactly how the patient, a California resident, contracted the virus.
“We’re extremely cautious in the short term,” said Tom Hainlin, an investment strategist at Ascent Private Capital Management. “No one really seems to be an expert on the coronavirus. We haven’t seen anything like this really in our investing lifetimes.”
Apple, Disney and Visa were among the worst-performing Dow stocks, dropping at least 3% each. AMD and Nvidia fell 4% and 4.2%, respectively. Meanwhile, Gilead Sciences climbed 1.9% after the company announced the start of two studies for a possible coronavirus treatment.
The slow collapse of the "Trump Economy" is really the result of being handed the gains of the Obama era and then taking a massive orange dump all over everything. It is beginning to accelerate, and the fake money being pumped into the economy is going to run out faster than Larry Kudlow on a coke binge.
Trump has started trade wars, imposed tariffs, fired competent people left and right, and engaged in every pro-oligarch policy imaginable. This is literally the guy who campaigned on the idea of running America like a for-profit business venture. And instead of prosperity, we get the mother of all Trump bankruptcies.
Hope your 401K is doing well, MAGA voters.