Dow drops 490 points, S&P and Nasdaq both plunge in biggest stock fall since Aug 23
All three indexes saw an ominous start to the quarter, while both the Dow and the S&P500 saw their worst start since the beginning of the 2008 recession.
President Donald Trump blamed House impeachment proceedings for the bad start to the quarter, pledging to cooperate with the investigation - perhaps in the hope of soothing the skittish markets, which have lagged this week in particular. The DOW fell by over 3 percent since Monday, losing 850 points. The NASDAQ and S&P also took hits in the same two-day period, dropping 2.6 percent and 2.9 percent respectively. Concerns about jobs and manufacturing have also contributed to the slide, with recession indicators looming large on the horizon.
Rough Wednesday: Dow falls 494 points or 1.9 percent. Nasdaq skids, Amazon, Apple, Alphabet all down. Vegas-based IGT and Wynn Resorts post modest gains. https://t.co/0HTrJZ4Rpp@CNBC@SeekingAlpha#StockMarket#Trade$AMZN$AAPL$GOOGL$IGT$WYNNpic.twitter.com/JUVvvYCTwK— Dan Behringer ✪ (@DanBehringer221) October 2, 2019
From the bond market’s inverted yield curve, to the slowdown in GDP growth, to a decline in business spending and corporate profits, signs of recession are everywhere - even as Trump boasts the economy is doing better than ever.
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