It was a horrible day for the markets. The exchanges are tanking and Biden has no answers other than to blame anyone but himself.
Monday was a horrible day for the markets and for America. After months of anti-American actions resulting in the crisis in Ukraine, the markets lost in numerous ways.
According to Zerohedge there was carnage everywhere:
There is no other way to describe today’s market carnage than a market in turmoil where things are rapidly breaking as the sudden disappearance of Russia’s “toxic” commodity collateral is suddenly sparking contagion and widespread liquidations.
With S&P futures a one way elevator lower after a modest rip higher on Ukraine ceasefire optimism early in the session, sending spoos more than 120 points down from session highs and closing down 2.9%, below 4,200, its worst close since October 2020…
… and the Dow tumbling more than 800 points, everything was in the red, with the exception of the defensive utility sector and of course energy which is basking in the glow of a historic surge in the commodity space.
The Nasdaq tumbled 3.6% with the help of Facebook and Moderna both of which have wiped out more than 50% of their value from all time highs, and is now down more than 20% from its all time high, closing in a bear market, where it joins the Russell, which is now also down more than 20% from ATH.
All of this mess is due to Biden’s insane and anti-American policies. The Hill in October wrote about this day:
Joe Biden has had a rough few months. Polling has his approval falling below 40 percent and Friday’s jobs report won’t do anything to prop it up. The Afghanistan catastrophe, COVID-19 deaths surpassing those during Donald Trump’s tenure, and the increasing crisis at the southern border all will be secondary compared to the coming recession. Unlike many other economic events, this one will be the direct cause of policies promulgated by the White House.
Last week we reported that it looked like the recession was already here. Today’s market changes will only hurt it.
But the Biden gang won’t take any of this on. They blame Russia and Putin.