Dow drops 1,190 points, worst decline in history

[jimnyc]

Not good at all. I don't know enough to know how this recovers, when or why. How bad will it get and how much damage before this dang virus even takes true footing, and how bad before it's all over.

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DOW DROPS 1,190 POINTS — WORST DECLINE IN HISTORY — Guggenheim’s Scott Minerd Calls Coronavirus “Possibly The Worst Thing I’ve Ever Seen”

The Dow Jones dropped 1,190 points on Thursday as the global coronavirus threat worsened.
This was the worst drop in Dow history.

The US market dropped 3,000 points so far this week.

Guggenheim Global Chief and Founder Scott Minerd told Bloomberg TV that this is “possibly the worst thing I’ve ever seen.”


Scott Minerd: You know one thing Joe, I’ll tell you, that I have not said to anyone else in public, this is possibly the worst thing I’ve ever seen in my career. I’ve been through a lot. I’ve been through the stock market crash in ’87. I went through the financial crisis. This has the potential to reel into something extremely serious.

Rest - https://www.thegatewaypundit.com/2020/02/dow-drops-1190-points-worst-day-in-history-guggenheims-scott-minerd-calls-coronavirus-possibly-the-worst-thing-ive-ever-seen/

[Kathianne]

My guess is the markets will correct when they come to realization this isn't something that can be handled in a few weeks or months.

It's a long term challenge and we will likely have a vaccine in 18months to 2 years. There has to be plants that can manufacture pharmaceuticals currently made in China, that will help both our country both medically and economically, not to mention security.

First the challenges need to be recognized and addressed. No need to panic, but no recovery with the comparison to 'flu' and saying it's under control-it's not, that would be impossible. All continents, save Antarctica.

Mitigate for time; containment is over-see above final sentence.

[KarlMarx]

1. Will the market get over this?
Answer: Of course it will. Yes, it is in response to the Corona Virus but people have been saying that we were about due for a correction. It may be the largest drop in the DJIA in sheer points but keep in mind that the DJIA was at 29000. As far as a percentage drop, it is not the record.

You would be better off realizing something. The Stock Market is driven by emotion, not by facts. Really. There are a lot of examples of the stock market falling in love with stocks of companies that were poorly managed and on the verge of bankruptcy.

So, what do I think? Look at the Economic Indicators! What do they tell you? A strong economy, low unemployment, cost of capital is low, all point to a growing economy.

There will come a point when enough people will start buying stocks and this will cause an upward pressure in the DJIA. And, believe me, people are buying stocks as of this very moment.

I have a feeling that, by the 4th of July, when people say the word "Corona", they will be talking about a Mexican beer rather than a virus.

2. So what do I do?
Answer: NOTHING! Do not sell any stocks. You should be buying them instead. Look at it this way. This week the stock market just had a sale. Do you think Warren Buffet is dumping his portfolio? No, he is out looking for stocks to buy.

3. Why do people do this?
Answer: Why do people buy stocks when their price is high and sell them when the price is low, and still think they can make money at it? No, you buy stocks when the price is low and sell them when the price is high.

4. So what was the worst day in DJIA history?
Answer: In 2008, the DJIA lost 20 percent of its value. That would be like a 6000 point drop in the DJIA today.

[High_Plains_Drifter]

The only time I've ever had money in the market was when I had to with a 401K offered at a job.

I'd rather buy gold than play roulette with my money on the stock market.

[Gunny]

First thing that popped into MY brain housing group is you know the Dems/left are loving it and praying for more.