Stock Market "stopped" today

Six minutes after the stock market opened, the S&P 500 index dropped 7% below yesterday's close, triggering an automatic "circuit breaker"

Under market rules, circuit breakers kick in at three thresholds:

[LIST]
[*]Level 1: A drop of 7% from the prior day's closing price in the S&P 500 triggers a 15-minute trading halt. Trading is not halted if the drop occurs at or after 3:25 p.m. ET.
[*] Level 2: A drop of 13% triggers a 15-minute halt. Trading is not halted if the drop occurs at or after 3:25 p.m. ET.
[*] Level 3: A drop of 20% triggers a halt for the rest of the trading day and trading resumes the following day.
[/LIST]

The circuit breakers were adopted in the wake of the Black Monday crash of Oct. 19, 1987, when the Dow plunged 508 points, or 22%.

My understanding is that the already Corona virus-spooked market was also reacting to a drop in Saudi oil prices.

It's hard not to think this will all have an impact on the Presidential race, wherein the incumbent vociferously cites performance of the financial market as his key accomplishment-- which is seemingly self-evident and immune to rebuttal, notwithstanding that the market has been boosting itself with stock buybacks purchased via tax-cut windfalls.

As a wise meme once said, "When the stock market is doing good, it benefits like 100 people; but when it does bad, everyone loses their house, savings, and retirement."

Flint;1048159 wrote:

... wherein the incumbent vociferously cites performance of the financial market as his key accomplishment-- which is seemingly self-evident and immune to rebuttal, ...

This has been the trailing end of an Obama economy. Things that make profits happened four and ten years ago. That is " self-evident and immune to rebuttal".

What one thing did a scumbag president do to make this economy prosper? Nothing. We know tax cuts only result in a short (ie one year) upturn. History says we can expect things to get worse four or eight years later. Kennedy's tax cut did that. George Jr's tax cut did that.

Worse, the scumbag's tax cut was only a tax cut for the rich.

So where is one thing he did that creates economic growth? An honest post also says why. Lists those reasons.

He destroyed trading agreements. He alienates American allies. He put up massive tarrifs that have done harm to some of America's more productive industries (ie steel remanufacturers) while protecting weak and not innovative industries (ie steel manufacturers - who must keep running to the government for protection). Where is a list of reasons that define economic growth? Why are they never listed - a damning question?

Spread sheets are only a summary of what was productive four and ten years ago. America was apparently in recession some six or nine months ago. That is "self-evident and immune to rebuttal" once we include numbers - already posted.

Leading and lagging indicators demonstrated, never rebutted, and again repeated. Stock market crashed in 1929 due to economic problems that existed years earlier. When were jobs lost? 1933. Four years later. Even number of jobs only indicates what happened four and more years ago.

Obama undid many economically destructive actions by George Jr. And then growth restarted. It took years just to undo damage created by George Jr. Stock market finally got back to its 2001 level around 2011 - after Obama started undoing bean counter scams.

It takes that long for lagging indicators to report what was happening.

Nothing is "self-evident" when knowledge only comes from extremist talk show hosts. And always "immune to rebuttal" since honest facts with numbers do not exist when a head is planted in earth. (Heads do not grow roots.)

tw;1048175 wrote:

This has been the trailing end of an Obama economy. Things that make profits happened four and ten years ago. That is " self-evident and immune to rebuttal".

Yeah, this sounds like a bunch of nerd talk. Trump is My President™ right NOW and the economy is booming. Only BAD things happened because of Obama-- he was playing golf while the Corona Virus started! Also 9/11!

Flint;1048176 wrote:

Trump is My President™ right NOW and the economy is booming. !

Then thank the man who made growth possible. Obama. Facts say so. You cannot (nor even try to) cite one thing the scumbag president has done to create growth. We know the economy has started in recession. You even deny that.

Remain brainwashed by an obvious liar. Who even had no problem surrendering to the Russians in Syria. Who even wants to hand the West Bank to Israel. We know he was famous for lying and stiffing contractors in NYC for decades. Only an extremist would praise him for the same reason extremists also loved Milosevic and Pol Pot.

He is your man. Some people have no ethics.

He gave tax relief to the Job Creators™ . . . BOOM!

The liberal media hates freedom and doesn't want to get a job!

Further, as if reminders are necessary. tw is wildly and willfully prejudiced and will not speak any thing that will contravene his precious (to him) prejudices.

Those of us without prejudice think he's a creep -- and can work up quite a disdain for him on that account. And an anticapitalist, owing to certain perennial lacks in his postings: if he's ever said word one favoring the free market, I hope someone might link to it.