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posted by martyb on Thursday December 27 2018, @09:44AM   Printer-friendly
from the how-are-they-doing-over-the-entire-year? dept.

"The Dow rose more than 1,080 points, or nearly five percent, marking the first time in history the exchange rose more than 1,000 points in a single day of trading. The S&P 500 climbed more than 100 points, or about five percent, while the tech-heavy Nasdaq Composite rose more than 360 points, or nearly six percent.

All three major exchanges posted their largest single-day point increase on record." foxbusiness.com/markets/stock-futures-trade-cautiously-on-political-concerns

Our Country is doing very well. Because we are finally putting America First.

A report at Bloomberg offers a less rosy perspective:

Just one of the S&P 500 members fell on Wednesday, when the Dow Jones Industrial Average jumped more than 1,050 points for its biggest-ever point gain. Consumer shares paced the rally, with Amazon.com Inc. jumping 9.5 percent on record holiday sales. Each member of the FAANG[*] cohort rallied at least 6.4 percent. Nike and Apple rose more than 7 percent.

Yet it's still a horrible month for U.S. stocks, with the S&P 500 down almost 11 percent. Japan's Topix is even worse, with a 14 percent slide. Emerging markets have done better, thanks to expectations of less aggressive tightening by the Fed. The Shanghai Composite is off less than 4 percent, for example. And China's yuan, along with most major Asian currencies, is up against the dollar this month.

[*] FAANG: "FAANG is an acronym for the market's five most popular and best-performing tech stocks, namely Facebook, Apple, Amazon, Netflix and Alphabet's Google."


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  • (Score: 0) by Anonymous Coward on Thursday December 27 2018, @09:08PM (5 children)

    by Anonymous Coward on Thursday December 27 2018, @09:08PM (#779115)

    Its bad for the working class because anyone who has any money invested for retirements will take the brunt of the losses. The rich will be fine, in fact they will swoop in scoop up undervalued assets. Its the regular plebes who are getting fucked by all this.

  • (Score: 0) by Anonymous Coward on Thursday December 27 2018, @10:30PM (4 children)

    by Anonymous Coward on Thursday December 27 2018, @10:30PM (#779140)

    If you have money bet on the stock markets for retirement you are rich. Basically, you are saying "fuck you, got mine" to the vast majority of americans living paycheck to paycheck. More than 50% of americans have under $10k in the bank: https://www.valuepenguin.com/banking/average-savings-account-balance [valuepenguin.com]

    • (Score: 0) by Anonymous Coward on Thursday December 27 2018, @10:34PM (3 children)

      by Anonymous Coward on Thursday December 27 2018, @10:34PM (#779142)

      That may be true for some people but dont forget everyone's 401k plan is tied to the market and that is a vast amount of retirement savings.

      • (Score: 0) by Anonymous Coward on Thursday December 27 2018, @10:41PM (2 children)

        by Anonymous Coward on Thursday December 27 2018, @10:41PM (#779143)

        Not just "some people". As I said, it is the vast majority. Only 1/3 of americans even have a 401k: https://www.fool.com/retirement/2017/06/19/does-the-average-american-have-a-401k.aspx [fool.com]

        • (Score: 0) by Anonymous Coward on Friday December 28 2018, @03:41AM (1 child)

          by Anonymous Coward on Friday December 28 2018, @03:41AM (#779222)

          Most pensions are also exposed to the market. The collateralized mortgages scam fucked over tons of public union pensions.

          • (Score: 0) by Anonymous Coward on Friday December 28 2018, @02:38PM

            by Anonymous Coward on Friday December 28 2018, @02:38PM (#779341)

            Heres the thing, Im friends with actual working class people. They have zero personal exposure to the stock market. All they know is since 2008 now they need to work two jobs to live in a room when previously one job would get them an entire apartment.

            Rent needs to be cut in half to 2008 levels for working class people, which deflation will, and should, do. Even if it screws over people who made the mistake of putting their money in the stock market without understanding it.