Share

Stock Markets Take Massive Hit. Dow Has 3rd-Biggest Drop in History

Share

The Dow Jones Industrial Average plummeted over 830 points Wednesday — the third-largest point decline in history — as big tech stocks fell sharply.

All 30 Dow stocks were down, sending the index below 26,000 for the first time since the start of the month, CNN reported.

The S&P 500 plunged 3.3 percent, and the tech-heavy Nasdaq dropped more than 4 percent — its worst percentage decline since June 2016.

The fall in the market caused Wall Street’s “fear gauge,” or volatility index, to rise to its highest level since April, NBC News reported.

Among the big tech stocks that took a hit: Netflix plummeted 8.4 percent, Amazon dropped 6.2 percent, Google parent Alphabet plunged 5.1 percent, Apple fell 4.6 percent and Facebook was down 4.1 percent.

Trending:
Former NYPD Chief Calls Big Brian Laundrie Development 'Very Strange,' Suggests 'Something Is Amiss'

Fox Business said investors were motivated in part by rising interest rates and increasing trade tensions between the U.S. and China.

President Donald Trump responded to the market declines Wednesday by criticizing the Federal Reserve for its rate increases.

“The Fed is making a mistake,” Trump told reporters, according to Bloomberg. “They’re so tight. I think the Fed has gone crazy.”

Last month, the president declared he was “not happy” when the central bank raised interest rates for the third time in 2018.

White House press secretary Sarah Sanders downplayed the stock sell-off, saying the U.S. economy remains in great shape under Trump.

“The fundamentals and future of the U.S. economy remain incredibly strong. … President Trump’s economic policies are the reasons for these historic successes and they have created a solid base for continued growth,” Sanders said in a statement Wednesday.

Truth and Accuracy

Submit a Correction →



loading

We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
, , , ,
Share
Savannah Pointer is a constitutional originalist whose main goal is to keep the wool from being pulled over your eyes. She believes that the liberal agenda will always depend on Americans being uneducated and easy to manipulate. Her mission is to present the news in a straightforward yet engaging manner.
Savannah Pointer is a constitutional originalist whose professional career has been focused on bringing accuracy and integrity to her readers. She believes that the liberal agenda functions best in a shroud of half truths and misdirection, and depends on the American people being uneducated.

Savannah believes that it is the job of journalists to make sure the facts are the focus of every news story, and that answering the questions readers have, before they have them, is what will educate those whose voting decisions shape the future of this country.

Savannah believes that we must stay as informed as possible because when it comes to Washington "this is our circus, and those are our monkeys."
Birthplace
Houston, Texas
Location
East Texas
Languages Spoken
English
Topics of Expertise
Politics




loading

Conversation