U.S. stocks took dropped again on Monday as another day of big losses took the market to its lowest level in more than a year - and after a furious Donald Trump attacked the Federal Reserve on the eve of a key interest rates decision.
The sell-off was led by retail stocks over fears the economy is stuttering, and healthcare in the wake of a federal judge in Texas ruling that the 2010 Affordable Care Act is unconstitutional.
All the major indexes fell with the Dow Jones Industrial Average losing 507 points, or 2.1 percent, to 23,592 - the lowest point in a year.
The plunge came despite Trump affirming that he is bailing out farmers for a second time, as part of a $12 billion payment program, just before markets closed.
'Today I am making good on my promise to defend our Farmers & Ranchers from unjustified trade retaliation by foreign nations,' he tweeted. 'I have authorized Secretary Perdue to implement the 2nd round of Market Facilitation Payments. Our economy is stronger than ever–we stand with our Farmers!'
Trump was referring to the ripple effect that his steel and aluminum tariffs have had on the agricultural industry and other areas of the market. He has placed an additional $250 billion in tariffs on China.
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3 comments:
Good ol conservatives. The protectors of the free market buying votes with my tax dollars to farmers so they don't revolt against you for the crisis that you started. Sounds like Trump is taking a page right out of the Venezuelan play book.
So investors will lose the most while the hedge fund billionaires keep all,something wrong with that picture.Government should claw back pension funds lost by them so taxpayers aren't on the hook.
Dave T: Same old crap. The elite sit pretty in their ivory towers while the working class is only made to work harder, sacrifice more, and carry a bigger burden.
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