Jump to content

Stock Market


ERBtheGREAT
 Share

Recommended Posts

  • Replies 2.3k
  • Created
  • Last Reply

Top Posters In This Topic

Jeffrey Gundlach on Tuesday said that the worst isn’t over for the stock market, after a brutal quarter that left the Dow with its worst decline in the first three months of a calendar year in its 124-year history.

Speaking during a webcast, the DoubleLine Capital founder said that the stock market remains “dysfunctional” from his perspective, indicating that the market may put in a more “enduring low,” once the March 23 nadir for stocks is “taken out.”

The Dow Jones Industrial Average DJIA, -4.10% on March 23 finished at 18,591.93, its lowest close since Nov. 9, 2016, which left it with a pullback of more than 37% from its all-time closing high set in February. The S&P 500 SPX, -4.27%, on the same day, ended at 2,237.40, its lowest close since Dec. 6, 2016, marking a nearly 34% pullback from its record finish.

 
Advertisement

From that point, the indexes then began a rebound that saw the Dow log its biggest three-day gain since 1931, and many strategists have speculated that the worst may be over for stocks after President Donald Trump last week signed the more-than-$2 trillion relief package and the Federal Reserve has rolled out a barrage of stimulus measures to ease gummed-up parts of the financial market.

 

Read:April poses crucial stock-market test as coronavirus promises ‘blizzard of bad news’

Gundlach speculated that the market could slide lower still. “I would bet that will get taken out,” he said, referencing the March nadir.

 

A day after the March low, the DoubleLine CEO speculated that the S&P 500 could jump to 2,700 before the coronavirus relief package was signed into law.

 

The S&P 500 hit an intraday March 24 peak at 2,637.01, but has mostly been retreating since then.

At the beginning of March, the Los Angeles bond-fund manager offered what turned out to be sage advice, recommending that investors stay in cash during the coronavirus pandemic.

He advised investors back then to pay attention to the economic data that will reveal the damage wrought by COVID-19, which has so far caused a near-global shutdown as governments across the world attempt to mitigate the spread of the deadly infection, which has been contracted by more than 850,000 people and killed 42,000 so far, according to data compiled by Johns Hopkins University.

 

Gundlach said watching the direction of weekly U.S. jobless claims data, along with consumer confidence, could be helpful in seeing how households — the linchpin of the economy — are holding up.

Weekly jobless claims reported on Thursday were the worst in history, surging to 3.28 million people seeking unemployment benefits.

On Tuesday, Trump attempted to underscore to Americans that the road ahead will be a tough one, noting that we are facing a “very, very painful two weeks,” during a daily coronavirus news briefing. “This is going to be a rough two-week period,” the president said.

On Tuesday, stocks, slammed by uncertainty surrounding the illness, ended sharply lower, with the Dow marking its worst quarterly performance since 1987, the S&P 500 index marking its sharpest quarterly fall since 2008 and the Nasdaq Composite Index COMP, -3.90% notching its worst quarterly slide since the fourth quarter of 2018.

Read:Only one stock in the Dow rose during the first quarter — and it was up by only one penny

 
Read Next
MW-HM825_BillGa_ZU_20190708104224.jpg
Read Next Bill Gates: ‘Shutdown everywhere’ or we’ll be faced with a ‘recipe for disaster’

The Microsoft founder urged the government to enforce a nationwide shutdown in an op-ed in the Washington Post.

 
Link to comment
Share on other sites

Boeing is a real company, it belongs in the dow, now you have all this crap like Nike, or Walt disney - crap companies that produce nothing real.

 

never said it didn't belong in the Dow, but the perfect storm that's hit it has skewed the Dow. there's far better indicators out there

Link to comment
Share on other sites

I just witnessed a conservative reporter say "Trumps been a colossal failure from the beginning. Trump has blood on his hands".

 

Proud moment. The unfit President stole millions from charity and a judge ordered him to pay it back. The RepubliCons let him do it. They get a major assist.

Link to comment
Share on other sites

I just witnessed a conservative reporter say "Trumps been a colossal failure from the beginning. Trump has blood on his hands".

 

Proud moment. The unfit President stole millions from charity and a judge ordered him to pay it back. The RepubliCons let him do it. They get a major assist.

Go pound your keyboard somewhere that people care

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share


×
×
  • Create New...