New York Stock Exchange 'kill switch' STOPS trading for 15 minutes after 7% fall as Dow craters 2,000 points amid coronavirus 'pandemonium' and Saudi-Russia oil price war - but STILL Trump blames fake news and Dems for 'inflaming' crisis
Daily Mail
March 9, 2020
Trading on the New York Stock Exchange was halted for 15 minutes on Monday because stocks tumbled so drastically in the first few moments of trading.
The Dow opened on a loss of more than 1700 points on Monday, a decrease of more than seven percent since Friday's close, after a chaotic weekend which saw oil prices tumble and which all but decimated the futures market.
Circuit breakers - which are rarely triggered but exist to stop prices tumbling further when a downward spiral shows no sign of slowing - went into effect on Sunday night to stop some futures trading at astronomically low prices.
They were triggered again on Monday morning after a dramatic start to the day's trading to stop the markets going into free-fall.
At 9.50am, the Dow re-opened but it had slipped, losing 2,000 points in total.
If prices drop to 13 percent from Friday's close, trading will stop for another 15 minutes. Then, it will take for them to drop by 20 percent to stop for another 15 minutes.
Oil prices are at their lowest since the Gulf War thanks to a fallout between Russia and Saudi Arabia which may trigger an all-out price war that could harm the world's economy even more.
Last week, Russia refused to agree to the terms of a deal that would slash the world's oil production rates. In retaliation, Saudi Arabia vowed to boost production and slash prices, a move which threatens to saturate the world's market with cheap oil as demand for it plummets thanks to the virus.
Despite the financial chaos, President Trump tweeted about that it was 'fake news' and that Democrats were to blame for mass hysteria.
'The Fake News Media and their partner, the Democrat Party, is doing everything within its semi-considerable power (it used to be greater!) to inflame the CoronaVirus situation, far beyond what the facts would warrant,' he tweeted.
He later blamed the financial chaos entirely on Saudi Arabia and Russia's dispute.
EDITOR’S NOTE: If we are in a recession in October, Trump can kiss hiss presidency goodbye.
__________
PISSING CONTEST OVER OIL + CORONA VIRUS DROPS MARKET
by Bob Walsh
Yesterday the Dow dropped 7.8%, a tad over 2,000 points, triggered mostly by a pissing contest between the Russians and the Saudis over oil pricing and production. Oil is at its lowest point in 30 years. That combined with market uncertainty over the Covid-19 virus led to the biggest drop in the market since 2008.
You can expect gas and airline tickets to get cheaper, if anybody actually wants to ride in a freaking airplane right now.
3 comments:
I saw gas for 1.80 yesterday.
I seldom pay to fly because of accumulated points on our credit card. We purchase everything on the card and pay it off each Friday. Early this morning I woke up earlier than usual because of Daylight Savings Time and read BGB. I check the Southwest low fare calendar often. In April I can fly to San Diego for $49 each way. I enjoy San Diego and may book it. In fact, there are several places with really low fares. Thanks Bob for the heads up.
You couldn't drive to Dago for that.
Post a Comment