Dow falls 1,191 points -- the most in history

[Video Games Are Dumb]

Personally, I don't give a shit because the stock market hasn't helped me one bit. But this is going to have some pretty big ramifications, potentially impacting the election.

The Dow (INDU) dropped 1,191 points, or 4.4% in its worst one-day point drop in history. The index has fallen more than 10% below its most-recent peak, putting it in correction.
The S&P 500 (SPX) closed down 4.4% and finished the day below the 3,000 point mark. The index is also in correction territory.
The Nasdaq Composite (COMP) ended down 4.6%, more than 10% below its latest peak.

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Dow falls 1,191 points -- the most in history

US stocks again sold off sharply on Thursday as worries about coronavirus mounted. The S&P 500 posted its worst day since August 18, 2011, and the three main indexes fell into correction territory. Stocks are on track for their worst week since the financial crisis.

www.cnn.com

 

[lasthope106]

The rich are making money of this. 401k holders are depressed this week.

 

[RPGamer92]

Someone post that old Trump tweet about shooting the president out of a cannon if the DOW dropped 1000 points.

 

[Maximo]

Yeah with the Coronavirus continuing its going to get worse....

 

[ElectricBlanketFire]

Someone post that old Trump tweet about shooting the president out of a cannon if the DOW dropped 1000 points.

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It's fake.

 

[backpropaganda]

Oddly my 401k didn't take as bad a hit as I expected , bad but not that bad

it's definitely going to get worse though, I've been traveling a lot recently and the airports are relatively dead

 

[abellwillring]

Down 3,500 points in the last 7 days (5 days of trading). Unfathomable really.

 

[SteveMeister]

not even in the top 20 for percentage drops.

 

[Spine Crawler]

Good time to buy the dip.

 

[Agentnibs]

The rich are making money of this. 401k holders are depressed this week.

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Ain't that the truth, I wish I had the funds to be able to make buys right now, but alas

 

[rjinaz]

Last I looked we were about to clear 30k. Now we're back to two years ago. Our very honest and humble president will no doubt tweet about this and owe up to it since he brags and takes credit every time there is green....

 

[Border]

Good news everyone:

 

[smurfx]

Is brexit adding to the fears as well? Anything else adding to it besides Corona virus?

 

[LukeOP]

This includes the buy up that happened mid day with the fed repos. This day could have been waaaaay worse.

 

[Xando]

Totally clears the president, thank you!

 

[SnakeXs]

 

[JJH]

Realistically what's the bottom? 20,000?

 

[Jmdajr]

As a percentage, what's still the biggest?

 

[jelly]

Good news everyone:

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Trust a liar....

Did he make money on the stock market going down, bet he did.

 

[ArrogantBastard]

Time to cancel the election just to be safe.

 

[abellwillring]

Is brexit adding to the fears as well? Anything else adding to it besides Corona virus?

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Brexit hasn't appeared to have any affect on the market. I guess it could long term, but this is definitely not as a result of it in anyway. Just concern over the virus and the repercussions of it (consumer spending, manufacturing losses, etc.).

I would imagine everyone knowing that since Trump's administration is so incompetent that if it gets here in any meaningful way that we're completely fucked is playing a role.

 

[Roytheone]

I maybe should look into buying at this point. It will probably jump up again after a while.

 

[Kirblar]

 

[Autumn]

It's dropped a lot but depending on your stock it's still at Oct/Nov '19 prices. You should still be up if you invested long term or aren't day-trading. The past three months have just been crazy.

 

[rjinaz]

not even in the top 20 for percentage drops.

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While true, it does add to a very bad week:

All three indexes are on track for their worst week since the fall of 2008, the midst of the financial crisis.

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[fossi8]

E3 cancelled

 

[Qwark]

So will this make Trump look worse? Maybe act as ammo against him? Or not really since it's outside his control?

 

[jvalioli]

Is brexit adding to the fears as well? Anything else adding to it besides Corona virus?

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Brexit is a known/predictable event so the market had already priced it in. Corona virus was a surprise and no one has a timetable for how long it will be a problem. The market doesn't really drop on bad news, just uncertainty.

 

[VariantX]

The rich are making money of this. 401k holders are depressed this week.

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They seem to get richer no matter what, whether the markets plummet or sky rocket.

 

[Common Knowledge]

E3 cancelled

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For E3, that would just be a mercy killing.

 

[BasilZero]

Is this because of the coronavirus by itself or are there other issues causing it to drop this much?

 

[Soap]

So I am currently looking to buy a house. Do I wait to see the market crash or do I buy now before it gets harder to lend money?

 

[Steel]

Good news everyone:

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Things are looking pretty good, aren't they?

It's dropped a lot but depending on your stock it's still at Oct/Nov '19 prices. You should still be up if you invested long term or aren't day-trading. The past three months have just been crazy.

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October 19 prices are jan 18 prices.

 

[Qwark]

So I am currently looking to buy a house. Do I wait to see the market crash or do I buy now before it gets harder to lend money?

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Pretty sure rates are very low right now, I wouldn't wait too long.

 

[SpottieO]

So I am currently looking to buy a house. Do I wait to see the market crash or do I buy now before it gets harder to lend money?

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That is literally impossible to know.

 

[jonamok]

Imagine how bad it could have been if Trump hadn't steadied the ship at yesterday's presser!

 

[maximumzero]

How long until the conspiracy theorists start blaming the market's performance on the Democrats as some sort of smear campaign to make Trumpo look bad?

 

[Kyuuji]

Glad to hear the CDC has been working very smart.

 

[JeTmAn]

Let's say I have a few thousand I could invest right now...any ideas on where it should go?

 

[Pagusas]

Everyone knew a correction would come, and this one is a bit forced by stuff, I've got 30 more years before I pull out, it'll be fine

 

[Kill3r7]

So I am currently looking to buy a house. Do I wait to see the market crash or do I buy now before it gets harder to lend money?

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If we experience a 2008 level crash then it won't matter as housing prices, outside of a few areas, will plummet. So any savings you might experience from lower interest rates will be offset by the housing prices.

 

[Soap]

Pretty sure rates are very low right now, I wouldn't wait too long.

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That's what I thought. I just wanted some insight. Thanks.

 

[Deleted member 31923]

Is this because of the coronavirus by itself or are there other issues causing it to drop this much?

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It's the virus and its effect on the economy and supply chain. Nothing else of note is happening.

 

[Ziltoidia 9]

More boomers trying to retire getting screwed by the pumpers and dumpers.

 

[CthulhuSars]

So I am currently looking to buy a house. Do I wait to see the market crash or do I buy now before it gets harder to lend money?

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Rates are low it's a crapshoot. If you find a place you like get it.

 

[Deleted member 12224]

How long until the conspiracy theorists start blaming the market's performance on the Democrats as some sort of smear campaign to make Trumpo look bad?

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Four days ago.

 

[Phantom]

It's the virus and its effect on the economy and supply chain. Nothing else of note is happening.

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Except boiling seas, locust swarms, Delhi riots, etc. Coronavirus is the last straw.

 

[samoyed]

The Valuesburg Address

One score and eight years ago Fama and French brought forth on this world, a new factor, conceived in either risk or behavioral effects, and dedicated to the proposition that all portfolios are not created equal. Now we are engaged in a great drawdown, testing whether investors in that factor...

www.aqr.com

One score and eight years ago Fama and French brought forth on this world, a new factor, conceived in either risk or behavioral effects, and dedicated to the proposition that all portfolios are not created equal.

Now we are engaged in a great drawdown, testing whether investors in that factor, or any factor so conceived and so dedicated, can long endure. We are met on a great battle-field of that drawdown, the internet. We have come to dedicate a portion of the internet, as a final resting place for those value managers who here gave up their businesses expecting that that factor would soon revive. It is altogether fitting and proper that we should do this.

But, in a larger sense, we cannot diversify away from – we cannot time the bottom of – we cannot easily "fix" the pain caused by – this drawdown. The brave value managers who struggled here, have commemorated the drawdown, far above our poor power to add or detract. The world will little note, nor long remember what we say here, but it can never forget the Tesla they shorted here.

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[Tragicomedy]

Let's say I have a few thousand I could invest right now...any ideas on where it should go?

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N95 masks and non-perishables.

Spoiler

Or, you know, just keep it liquid for now.

 

[Min]

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I know you can't time the market or w/e but when all available resources say the market is going to fall if this happens... you might want to listen.