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Dow plunges 600 points after bond market flashes a recession warning
When Trump was elected, I said that the only thing that would turn his base against him was a full on recession. Today I don't think that would even do it. Most of his base are either retired living off their pensions, SS, fixed incomes with no skin in the game, so they don't care if the US economy tanks. Trump is nothing more than entertainment value to them . Then there's those that may be working but they have no retirement investment savings. They've no idea what a 401k is and you cant lose what you don't have. Under Obama my IRA grew exponentially. The economy was even keeled and smooth. Since senor' clown car has been in office, my 401k value is where it was 28 months ago. This asshole playing president is not good for the working man and his financial future.Stocks plunged on Wednesday, giving back Tuesday’s solid gains, after the U.S. bond market flashed a troubling signal about the U.S. economy.
The Dow Jones Industrial Average dropped about 600 points or 2.3%, while the S&P 500 fell 2.1% and Nasdaq Composite declined 2.3%. The Cboe Volatility Index, aka Wall Street’s fear gauge, jumped to a high of 22 on Wednesday.
The yield on the benchmark 10-year Treasury note on Wednesday broke below the 2-year rate, an odd bond market phenomenon that has been a reliable indicator of economic recessions. Investors, worried about the state of the economy, rushed to long-term safe haven assets, pushing the yield on the benchmark 30-year Treasury bond to a new record low on Wednesday.