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The Dow just lost all of its gains since President Trump took office

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Democrats are dancing naked ’round the maypole. Mission accomplished, on the backs of every American.

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This will have to last months, not weeks, to modulate the rate at which a critical mass of 330 million get infected and acquire natural immunity. Will people put up with it once they realize they are still expected to get the virus? Wouldn’t it make more sense to pour resources into isolating the vulnerable rather than isolating everyone? Basically aren’t we really just praying that summer will naturally suppress transmission and get us off the hook of an untenable policy? (WSJ)

The Dow just lost all of its gains since President Trump took office

By Noah Manskar, NY Post, March 18, 2020

The Dow has finally lost all the gains it amassed since President Trump took office more than three years ago, sinking on Wednesday as fears about the coronavirus kneecapping the economy maintained their grip on Wall Street.

The Dow Jones industrial average plunged 1,428.48 points, or 6.7 percent, to an intraday low of 19,808.90 — below the blue-chip index’s close of 19,827.25 on Jan. 20, 2017, the day of Trump’s inauguration. The S&P 500 and the Nasdaq composite similarly sank 6.2 and 5.9 percent, respectively, after the opening bell.

Stocks had surged Tuesday as the Trump administration pushed for a coronavirus spending package that could grow to more than $1 trillion. But those hopes appeared to fade Wednesday as the number of cases worldwide surpassed 200,000 and millions of people remained shut in their homes.

“Economic activity will be significantly suppressed as long as social distancing measures are in place,” said David Bahnsen, chief investment officer at The Bahnsen Group. “I don’t know when the stock market will discount the future in a positive way and I don’t know when the future itself will become positive.”

The coronavirus crisis has raised fears about the global economy entering a recession, given that measures taken to slow its spread have dampened consumer spending, forced some businesses to close and greatly reduced travel around the world.

The panic reached a fever pitch on Wall Street early this week, leading the Dow to shed nearly 3,000 points on Monday and drop below 20,000 for the first time in three years Tuesday morning.

The White House this week proposed aggressive measures to shore up the US economy, including cash payments to struggling Americans, deferrals for tax payments and direct aid to pandemic-battered industries such as airlines. Those would complement the Federal Reserve’s moves to slash interest rates to near zero and restart its bond-buying program known as quantitative easing.

But it’s unclear how quickly Congress will pass a stimulus package and unlikely that the virus will abate as lawmakers negotiate over what steps to take.

“The crisis is not over,” Brad McMillan, chief investment officer at the Commonwealth Financial Network, wrote in a Tuesday commentary. “We can certainly expect the headlines to keep screaming and even get worse over the next couple of weeks, which could keep markets turbulent.”

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