Are you feeling all the “Build Back Better” that’s going on? We’re not feeling it, no matter how often President Biden tries to convince Americans how amazing the economy is performing.
Today started with even more negative economic news:
U.S. stocks opened lower on Thursday, as the market's post-Fed meeting gains evaporated and investors confronted a host of additional central-bank interest-rate hikes.
— MarketWatch (@MarketWatch) June 16, 2022
Eventually the Dow tumbled under 30,000 for the first time since early January of 2021, shortly before Biden took office:
Dow falls 700 points, tumbling below 30,000 to the lowest level in more than a year https://t.co/roxBBXSDcI
— CNBC Now (@CNBCnow) June 16, 2022
The market, not unlike Biden’s approval numbers, continues to tumble:
The Dow Jones Industrial Average tumbled below the key 30,000 level on Thursday as investors worried the Federal Reserve’s more aggressive approach toward inflation would bring the economy into a recession.
The Dow had rallied on Wednesday after the Fed announced its largest rate hike since 1994, but reversed those gains and then some on Thursday, tumbling to the lowest level since January 2021.
The Dow dropped 2.3%, or 710 points. The S&P 500 slipped 3%, while the Nasdaq Composite slid 3.6%.
Comfortably Smug sums up the state of economic affairs with the appropriate gif:
— Comfortably Smug (@ComfortablySmug) June 16, 2022
That says it all!
Remember when Biden bragged about the market hitting “record after record on my watch”? Good times.
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