Former President Donald Trump blamed the Monday stock market dive on Vice President Kamala Harris in a series of Truth Social posts.
Read MoreTrump Blames Market ‘Kamala Crash’ on ‘Radical Left Lunatic’ Harris
Tag: stock market
JPMorgan Strategists Predict Stock Plunge, Recession as Early as First Half of 2023
Strategists at JPMorgan Chase predicted a recession as soon as the first half of 2023, coupled with a major stock market slide, in a research note Thursday, according to Bloomberg.
The strategists expected the S&P 500 stock index to decline roughly 12% in the first half of next year, before rebounding to end 2023 up 3% as inflation cools and the Federal Reserve slows or reverses its aggressive campaign of interest rate hikes, Bloomberg reported. Despite the expectation that the stock market will rebound by the end of next year, the analysts anticipated that U.S. corporate earnings would fall roughly 9% as demand slumps and economic conditions limit companies’ ability to set higher prices.
Read MoreStock Market Sinks, Oil Tops $130 as West Considers Russian Energy Sanctions
The stock market dropped during early trading Monday after the U.S. benchmark oil index briefly touched its highest level since the Great Recession.
The Dow Jones Industrial Average, an index measuring 30 major U.S. corporations, dropped 0.94% as of early Monday. The S&P index, which measures 500 of the largest publicly-traded companies, fell more than 0.93% while the NASDAQ, an index largely comprised of technology firms, declined 0.98%.
Late Sunday, the benchmark West Texas Intermediate crude oil futures hit more than $130 per barrel for the first time since July 2008. The index remained high on Monday, hovering above $118 per barrel, up more than 3%.
Read MoreU.S. Home Sales Continued to Grow in October as Housing Market Remains Hot
Home sales in the U.S. grew in October as buyers continue to enter a hot market, according to the National Association of Realtors.
Existing home sales increased at the fastest pace since January, growing 0.8% in October from the previous month to a seasonally adjusted rate of 6.34 million, the National Association of Realtors (NAR) reported Monday. October home sales declined 5.8% compared to the figure in October 2020, with the inventory of unsold homes decreasing 12% to 1.25 million on a year-over-year basis.
“Home sales remain resilient, despite low inventory and increasing affordability challenges,” Lawrence Yun, NAR’s chief economist, said in the report. “Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment.”
Read MoreStock Market Nosedives as Massive Sell-Off Continues
Major stock market indices plummeted Monday in a continuing sell-off tied to China’s declining property value, increasing COVID-19 cases and lack of progress in Congress on increasing the debt limit.
The Dow Jones Industrial Average (DJIA), an index measuring 30 major U.S. corporations, dropped 1.78% on Monday. The S&P index, which measures 500 of the largest publicly traded companies, fell 1.7%, while the NASDAQ, an index composed largely of technology firms, declined 2.19%.
Read MoreGameStop Revolt Redditors File Class Action Lawsuit Against Robinhood for Cutting off Access to the Market as Hedge Fund Losses Mount
by Andrew Kerr A class-action lawsuit filed against the investing app Robinhood on Thursday just hours after it prohibited its users from purchasing GameStop stock is unlikely to be successful in court, legal experts told the Daily Caller News Foundation. And federal regulators with the Securities and Exchange Commission…
Read MoreNY Stock Exchange Begins Delisting Securities of China Telecom Companies, Following Trump’s Order
The New York Stock Exchange has began the process of delisting securities of three China telecom companies, following President Trump’s order last month barring U.S. investments in Chinese firms believed to be owned or controlled by the Chinese military.
Read MoreCongress Passes Bill to Boot Chinese Companies from Stock Exchanges If They Don’t Comply with Audits
The U.S. House of Representatives approved legislation Wednesday that would boot businesses from China and other foreign countries from U.S. stock exchanges if they failed to give American auditors access to examine financial reports.
Read MoreAnalysis: Jobs, Housing Show Recovery Continues
There were only two insightful reports on the economy this past week—for jobs and housing. Both show impressive gains.
Weekly initial unemployment claims fell by 56,000, to 787,000. They are down more than 100,000 from a month ago. There has also been a substantial decline in the insured unemployment rate to 5.7 percent from 8.7 percent a month ago. Also, the number of people receiving unemployment insurance payments fell to 8.4 million; it was 12.6 million a month ago.
Read MoreRecovery Continues, Economy Should be Back to Peak in Fourth Quarter
The rapid recovery from the lockdown continues. Economic reports from September indicate the economy has rebounded to 97 percent of its peak reached this past February. The surge in new orders for both manufacturing and service companies points to further gains in the months ahead.
These gains should bring the economy’s output and spending (GDP) back to its prior peak during the fourth quarter of the year.
Read MoreTech Leads the Way as US Stocks Head for a Third Month of Gains
Stocks closed higher on Wall Street Tuesday, extending the market’s recent winning streak after another strong showing by technology companies.
The S&P 500 rose 0.4% and is on pace for its third straight monthly gain. The Nasdaq composite, which is heavily weighted with technology stocks, climbed to an all-time high for the second day in a row. Bond yields rose, another sign of increasing confidence in the economy.
Read MoreStock Indexes Move Higher on Wall Street After a Shaky Start
Stock indexes are higher on Wall Street in choppy trading Monday as investors weigh the risks that rising coronavirus cases could pose to hopes for an economic recovery.
The S&P 500 rose 0.4% in midday trading after an initial slide of 0.6% following weakness in overseas markets as the global tally of infections approaches 9 million. The price of gold rose, a signs of caution in the market. Bond yields were mixed.
Read MoreStocks Rally Worldwide on Hopes for Coming Economic Recovery
Stocks rose again Tuesday, part of a strong and worldwide rally for markets, after a big rebound in buying at U.S. stores and online raised hopes that the economy can escape its recession relatively quickly.
The S&P 500 climbed 1.9% for its third straight gain, bringing it back within 8% of its record set in February. Gains have built in recent weeks as reports bolster investor expectations that the worst of the downturn may have already passed.
Read MoreWall Street Veers Higher on Fed Plan to Buy Corporate Bonds
Stocks swung solidly higher on Wall Street in afternoon trading Monday after the Federal Reserve said it would begin buying individual corporate bonds, the central bank’s latest move to prop up volatile financial markets through the economic fallout of the coronavirus pandemic.
The S&P 500 was up 1% after being down as much as 2.5% shortly after trading began in New York. The gains followed sharp losses in Asia and more moderate ones in Europe. Worries were on the rise that new waves of coronavirus infections around the world could derail the swift economic recovery that Wall Street had seemed sure just a week ago was on the way.
Read MoreStocks Bounce Higher on Wall Street a Day After Big Rout
Stocks moved higher on Wall Street in afternoon trading Friday, recouping some of their losses a day after the market had its biggest rout since mid-March.
The S&P 500 was up 0.7% a day after dropping 5.9%. The benchmark index is still headed for a weekly loss following three weeks of solid gains. Small-company stocks and bond yields moved broadly higher, signs that pessimism about the economy was easing.
Read MoreWall Street’s Rally Zooms Higher After Surprise Gain in Jobs
Stocks are rushing higher in morning trading Friday after a much better-than-expected report on the U.S. job market gave Wall Street’s recent rally another shot of adrenaline.
The S&P 500 was up 2.2% after the government said that U.S. employers added 2.5 million workers to their payrolls last month. Economists were expecting them instead to slash another 8 million jobs amid the recession caused by the coronavirus and the shutdowns put in place to stem it.
Read MoreCommentary: The Myth That the President and the Fed Direct the Stock Market
If you own stocks, you’re probably searching for explanations about the sudden bear market. The answers you find likely start with an event: what the Fed does, what President Trump does, or what the coronavirus does.
Read MoreTrump Declares National Emergency to Deal With COVID-19; Announces ‘Drive-Thru Testing’
President Trump on Friday declared a national emergency to deal with the coronavirus pandemic, amid media hysteria and a tumbling stock market. The virus, which originated in Wuhan, China, has infected more than 1,700 people in the United States, and killed 41 of them.
Read MoreDow Passes 29,000 for First Time in History Despite Jobs Report
The Dow Jones passed the 29,000 mark for the first time in history during early trading Friday following a record high opening of S&P.
Read More2019: The Year Stock Market Records Broke Their Own Records and Made History
Since the 2016 election, the U.S. stock market has produced historic records.
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