The Dow dropped nearly 1,000 points today – the worst day for the Dow since June 2020.
The Biden economy is doing bad and getting worse. Inflation is at an all-time high by some measurements and at 50-year highs by other measurements.
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With inflation at all-time highs, Biden’s economy is a mess. The cost of gasoline has reached all-time highs. Interest rates are up near 7% now, the highest rates in years and still they are way behind inflation. This all happened due to Biden’s reckless spending.
Market Pulse reported today:
Stocks finish sharply lower Friday to book weekly losses, as Wall Street focused on a potentially compressed timeline for the Federal Reserve to swiftly raise interest rates in a bid to curtail inflation at 1980s levels. The Dow Jones Industrial Average shed about 981 points, or 2.8%, ending near 33,811. It marked the worst daily percentage drop for the index since Oct. 28, 2020, according to Dow Jones Market data. The S&P 500 index fell 2.8% and the Nasdaq Composite Index tumbled 2.6%. Federal Reserve Chairman Jerome Powell was credited with adding to market jitters after he signaled support on Thursday for a bigger 50 basis point rate increase at the central bank’s May policy meeting, rather than the more typical 25 basis point hike. Cleveland Fed President Loretta Mester said Friday afternoon that she didn’t want to “shock” the economy with a 75 basis point interest rate hike at the Fed’s next meeting in May. Stocks briefly trimmed their losses following those remarks, but still finished the session at its lows.
However, the NASDAQ reported today’s loss in the Dow was the largest since June 2020.
The major benchmarks each dropped over 2% today, as the market extended its sharp selloff. The Dow dropped 981 points — its worst day since June 2020, as all 30 components finished in the red. For the week, the blue-chip index marked its fourth-straight weekly loss, while the S&P 500 and Nasdaq both finished with their third consecutive weekly losses.
Meanwhile, Wall Street’s “fear gauge,” the Cboe Market Volatility Index (VIX), soared 24.4% to its highest level in over a month. As we near the end of April, investors are still unpacking yesterday’s comments from Fed Chairman Jerome Powell while looking ahead to next week’s earnings reports from Big Tech.
Biden either doesn’t have a clue how to fix the broken economy or he doesn’t want to. Either way it’s horrible.