The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

The coronavirus emergency sent stocks crashing on Thursday to their worst losses since the Black Monday crash of 1987, extending a plunge that has eliminated most of Wall Street’s big gains since Donald Trump’s 2016 election.

The Standard &Poors 500 measure fell 9.5 percent, a drop of 26.7 percent from its all-time high, set one month ago. That left the S&P well past the 20 percent threshold to signify a bear market, ending an unprecedented, decade-long bull market. Likewise, the Dow Jones Industrial Average fell ten percent for its worst day since a historic 23 percent drop on Oct. 19, 1987.

European markets lost 12 percent in one of their worst days ever, despite the European Central Bank’s promise to buy bonds.

The fall came so quickly after the opening bell that it triggered an automatic, 15-minute trading halt for the second time this week. Those “circuit breakers” were adopted after the 1987 crash, and hadn’t been activated since 1997.

The Dow turned upward briefly after the Federal Reserve announced measures to ease “highly unusual disruptions” in the Treasury market. But that respite faded before the market close.

On Wednesday, the Dow finished the day down more than 20 percent from its all-time high, set just last month, officially entering bear market territory for the first time in over a decade.

Both the coronavirus crisis and the chaos on Wall Street spurred fears of recession.

IMAGE: The New York Stock Exchange building is seen from Wall Street in lower Manhattan. REUTERS/Mike Segar

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Jeff Danziger lives in New York City. He is represented by CWS Syndicate and the Washington Post Writers Group. He is the recipient of the Herblock Prize and the Thomas Nast (Landau) Prize. He served in the US Army in Vietnam and was awarded the Bronze Star and the Air Medal. He has published eleven books of cartoons, a novel and a memoir. Visit him at DanzigerCartoons.

Kathy Barnette

MSNBC Screenshot

Kathy Barnette, a Trumpist conspiracy-peddling Republican candidate in the Pennsylvania Senate race who has been rising through the ranks, speeding even past big-spending rivals, is facing waves of criticism and public backlash for her past anti-Muslim tweets.

On Sunday, in an interview with Fox News Sunday host Shannon Bream, after bobbing and weaving on questions probing her military service, Barnette tried to downplay the gravity of Islamophobic tweets that she had penned.

Keep reading... Show less
{{ post.roar_specific_data.api_data.analytics }}