WEB Notes: Instantly, overnight, 832 points were wiped off the board and for what? No one knows. Wait, one CEO tells us…
“People are getting out of the high-flying tech names right now,” said Larry Benedict, CEO of The Opportunistic Trader. “I think people are under-hedged; there could be more pain ahead.” – CNBC
So you are telling me, everyone, all at the same time decided to get out of tech stocks and that brought the market down?
Maybe it went something like this, “Hey Fred, I’m selling out today, yeah me too, I’ll call Ronnie.”
I mean really people.
You know, economists are like the weather guys. Sometimes they are right and sometimes they are wrong.
This goes to show you how fast it can all come crashing down, not that it will, but just understand that. No one saw this coming, overnight like that anyway. I mean this is the third worst drop in history. This is documenting for us, the rigged economy is becoming unstable.
The Dow Jones Industrial Average experienced the third worst point decline in its history Wednesday, falling more than 800 points.
The index was down 832 points, or 3 percent, at the end of trading Wednesday. All 30 of the Dow’s stocks were in the red and it fell below 26,000 total points for the first time in a month, CNN reported.
The S&P 500 also fell 3.3 percent, marking its fifth straight decline, and the Nasdaq declined more than 4 percent, its worst percentage decline since June 2016.