Earlier today the liberal Mainstream Media needed a win after Biden’s horrible press conference last night. So they made up the story that the stock market was doing well – then the market crashed.
Earlier today the word on the street was that the markets had turned it around and NASDAQ’s ‘correction’ was over. AFP reported:
US and European equities mostly moved higher on Thursday, rebounding following a bad day for tech shares as investors remain nervous about surging global inflation and the prospect of rising interest rates.
New York’s Nasdaq was up 1.9 percent in late morning trading, a day after it fell into correction territory — a decline of greater than 10 percent from its most recent peak hit in November — as companies traded in the tech-heavy index are more susceptible to the prospect of higher borrowing costs.
However, this reporting was premature. The markets turned around and fell again and the NASDAQ remained in ‘correction’ territory.
Market Watch reported this evening:
U.S. stock indexes gave up an early session rebound and turned negative in the final hour of trading Thursday, repeating Wednesday’s volatile pattern and pushing the tech-heavy Nasdaq Composite further into correction territory this week.
What happened? The Dow Jones Industrial Average closed down 313.26 points, or 0.9% at 34,715.39.
- The S&P 500 fell 50.03 points, or 1.1%, to 4,482.73.
- The Nasdaq Composite fell 186.23 points, or 1.3%, to 14,154.02. At one point, the index was up 2.1%, making Thursday’s whipsaw the Nasdaq’s largest same-day reversal since April 7, 2020.
Stocks fell Wednesday, with the Dow and S&P 500 each dropping around 1%, while the Nasdaq Composite shed 1.2%, leaving it down more than 10% from its record close in November and meeting the definition of a market correction.
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