President Donald Trump has been a godsend for the stock market during his first year in office, but today something quite fishy is occurring on Wall Street.
The President, whose business background catapulted the entire economy into the stratosphere recently, has been credited with the massive upturn in consumer confidence that spawned this prosperous run. The stock market has been climbing heartily over the course of the President’s nearly 13 months in office, with inklings of this skyward push occurring just before the man himself was even inaugurated.
Today, however, as the country faces an impending crisis of faith in the intelligence community, the DOW has absolutely plummeted with incredible losses of more than 1,100 points being reported.
“U.S. stocks fell sharply Monday, extending a steep sell-off from the previous session, as investors rushed for the exits in the wake of rising interest rates. For the S&P 500, it was the worst day in six years.
“The Dow Jones industrial average shed 1,175.21 points to 24,345.75 and briefly declined more than 1,500 points. The 30-stock index also briefly traded flat earlier in the session, before the selling returned. The Dow also broke below 25,000 and erased its 2018 gains. It also dipped into correction territory.
“‘Breaking the early lows of the day means the correction could go on for longer,’ said Art Cashin, UBS director of floor operations at the New York Stock Exchange.“The S&P 500 pulled back 4.1 percent — its biggest one day decline since August 2011— to close at 2,648.94. The broad index had traded positive earlier on Monday as the tech sector briefly rose. The S&P 500 also closed down more than 7 percent from an all-time high set last month and broke below its 50-day moving average, a key technical level. It also gave back all of its gains for 2018.”