Today’s drop took the Dow to 21,792.
It was the worst December 24th in history.
The Dow has now fallen more than 5,000 points since October 3, which represents almost a fifth (18.8%) of its value. The Nasdaq Composite is now 22 percent below its August high. The S&P 500 has fallen 20 percent from recent highs.
Oil dropped nearly 7% today, to less than $43 a barrel. That sucks for investors, but is probably a positive for you as a consumer. You may have already seen the impact of falling crude prices at your local pump. I bought regular unleaded for $1.91.9 yesterday. At Halloween time it had been close to three bucks.
UPDATE:
“Mnuchin calls in the ‘Plunge Protection Team,’” and summons the ghost of bear markets past.
“”Mr. Mnuchin could just as easily call on the order of the garter to take up arms and defend the realm.”
And if the Plunge Protection Team and The Order of the Garter can’t handle the job, there’s one powerful agency always on the ready: The Space Force
This is a good time to read John Kenneth Galbraith’s classic “The Great Crash: 1929”. It is a short book, and a surprisingly easy and pleasant read.
Send the Mnuch out to say everything’s fine again
Yeah, that didn’t seem to work out, did it? I wonder if the Munchkin said something quite different from what has been reported publicly.
Time to party like it’s 1929!
Nah, the gas stations here collude to keep the prices high. We’re still at 3.49 for regular.