President Trump blames 'loco' Federal Reserve for October's big stock drop
12 October, 2018, 04:36 | Author: Mary Valdez
The Dow Jones stock market average dropped by 831 points, which is 3.15 percent of its opening value on Wednesday. The S&P 500sank 2.3 percent, marking its sixth day of decline. The Standard and Poor's 500-stock index was approaching its longest losing streak in two years.
Larry Benedict, founder of the Opportunistic Trader, said that even while some of the largest names in tech - including Netflix, Amazon, Google and Facebook - saw some of the steepest dips, they are all up significantly for the year. For instance, Netflix remains up almost 70 percent for the year, despite the recent decline.
"Yes, they're down, but they're definitely the best performers", Benedict said.
FILE PHOTO: Flags fly above the Federal Reserve building in Washington, DC, U.S., August 22, 2018.
The 10-year Treasury yield rose to 3.22 percent from 3.20 percent late Tuesday after earlier touching 3.24 percent. Many observers expected that would trigger a sell-off in the stock market as investors flooded their cash into Treasurys.
But a fall would be a concern to the president, who frequently cites stock market performance as a sign of his administration's success.
Investors are leaning into safer stocks with steady dividends - utilities and consumer staples - and pulling out of the higher-paying, higher-risk stocks as other guideposts of growth, like the communication sector, tumbled.
"The fundamentals and future of the USA economy remain incredibly strong", she said, pointing to a 50-year low in unemployment, tax cuts, reduced regulatory burdens, bigger paychecks, and new trade deals that have specifically benefitted farmers, ranchers, and manufacturers.
Selena Gomez receiving Treatment after "Meltdown"
Selena Gomez has checked into a mental health facility after suffering an emotional breakdown, RadarOnline.com can confirm . In August, her one-time best friend and former Disney co-star Demi Lovato was hospitalized for an alleged heroin overdose.
Numerous biggest U.S. names fell hard in Wednesday's session, with Apple, Boeing and Facebook all slumping more than four percent and Amazon, Nike and Microsoft shedding more than five percent. European indexes shed a little less than 2 percent. Wages increases have been restrained by the large pool of unemployed workers represented by the historically low labor force participation rates.
President Donald Trump signaled his anxiety about the Federal Reserve's plan to keep raising interest rates into 2019 after stocks plunged on Wednesday.
Trump blamed the Federal Reserve - and his appointee Powell - for the big drop Wednesday.
"It's a correction we have been waiting for a long time", Trump said. "The Fed has gone insane".
Ivan Feinseth, Chief Investment Officer at Tigress Financial Partners, said that although the losses caught him off-guard, he thought many investors were unduly frightened by the rising rates.
One former Treasury official said while Trump's comments are unusual, they don't appear to be changing the Fed's direction. "The Fed will stay on a measured pace".
She said in addition to rising interest rates, investors also fear that company profit margins will be squeezed by rising costs, including the price of oil.
Bourses in Paris and Frankfurt both lost more than two percent, while London fell 1.3 percent.
The Israeli warplanes, purchased from the US , are a different model than the American one that crashed. "The U.S. The engines of the aircraft will be checked for suspected faulty tubes and replacements made where necessary.
George, 5, will be a page boy in the bridal party, and three-year-old Charlotte will be one of six bridesmaids . She also told British Vogue she had been pinning images of wedding cakes on a separate Pinterest board.
The wide receiver is also the subject of a second lawsuit from his landlord over damage sustained to the apartment unit. One of the vases shattered when it hit the ground - about 2 feet from the child, TMZ reported, citing the lawsuit.
Psy-Group owner Joel Zamel did meet Donald Trump Jr., the president's oldest son, in August 2016, according to the Times . The reason for the payment has been of keen interest to Mueller, according to people familiar with the matter.
Michael , which decreased to a tropical storm overnight, is continuing to weaken as it moves along the southeast USA coast. Looking at the entire hurricane season, Michael had the strongest winds since 1992 and Hurricane Andrew .
Treatment options may be limited due to a shortage of trained mental health workers or the stigma mental illness often carries. There will be a dedicated mental health section on the EIS website, to help athletes and staff find help more easily.
The Pentagon has said it already offers individual clouds, many of them built in secret to enable classified military programs. Google came under fire when details about the company working with the Pentagon first went public back in June.
The Nasdaq composite , which has a high concentration of technology companies, had its biggest loss in more than two years. The S&P 500 shed 2.05% to below its 200-day moving average, extending its longest losing streak since the 2016 election.
The disgraced movie mogul was accused in Manhattan state court of allegedly nonconsensual sexual behavior toward three women. Manhattan's district attorney has chose to drop part of the criminal case against Harvey Weinstein .
She said ME needs "someone who's not entrenched in the old way of doing things". "We appreciate his vote for Judge Kavanaugh". Nearly $3.4 million has so far been raised by more than 115,000 people through the campaign "Either Sen".
Hurricane Michael Has Arrived
He says the number of rescues remains fluid and there were no reports of deaths so far from the Coast Guard's missions. Panama City was also ravaged by the hurricane, with drone footage showing homes and schools completely torn apart.
Rare, polio-like illness detected in Pittsburgh area
It's so rare that less than one in a million will get AFM, according to the Center for Disease Control and Prevention . Three cases were reported in 2017, and one other case was reported in Washington since the beginning of 2018.
Dow Drops 275 Points Because Everyone Is Afraid of Something
The benchmark index fell for the fifth straight day, which hadn't happened since just before the 2016 presidential election. Traditional conglomerates CBS, Disney and Comcast all shed 3% of their value, while tech issues booked bigger losses.
Astros, Red Sox announce starters for first 2 ALCS games
The Astros will counter with ace Justin Verlander in Game 1 and Gerritt Cole in Sunday's Game 2 in Boston, manager A.J. A night after three of his calls at first base were reversed on video reviews, Angel Hernandez was the plate umpire.