#ThanksTrump
Trump is blaming the feds. Trump is attacking the fed chairman of all people, who is raising interest rates to avoid inflation and the weakening of the U.S. dollar. Home sales fell to a 2 year low.
Trump started the tarriff war that fucked up Obama's rising economy. Now Trump has net 1 years gains in the stock market from 2 years in office.
"Adding to weaker sentiment in late trading, the Federal Reserve said in its latest report on the economy that U.S. factories have raised their prices because of Trumps tariffs."
U.S. stocks continue to slide, Dow and S&P now down for the year
U.S. stocks plunged again on Wednesday, confirming a correction for the Nasdaq and erasing the Dow and S&P 500's gains for the year, as disappointing forecasts from chipmakers and weak home sales data fueled jitters about economic and profit growth.
The Nasdaq closed down 12.4 percent from its Aug. 29 record closing high, falling 4.4 percent for the day in its biggest one-day percentage decline since Aug. 18, 2011.
"It's a big global risk-off trade," said Paul Zemsky, chief investment officer of multi-asset strategies and solutions at Voya Investment Management in New York.
"We've had some headwinds, higher interest rates affecting housing, tariffs causing input costs for manufacturers to go up, which makes earnings look not as stellar ... but that doesn't mean the whole economy is rolling over," he said.
Sales of new U.S. single-family homes fell to a near two-year low in September, the latest sign that rising mortgage rates and higher prices were hurting demand for housing.
Adding to weaker sentiment in late trading, the Federal Reserve said in its latest report on the economy that U.S. factories have raised their prices because of tariffs.
Stocks have been punished this month by a range of worries, from rising borrowing costs and bond yields to Italy's budget and the upcoming U.S. congressional elections in less than two weeks.
The Cboe Volatility Index , the most widely followed barometer of expected near-term gyrations for the S&P 500, jumped 4.52 points to close at 25.23, its highest close since Feb. 12. The S&P 500 fell for a sixth consecutive day.
"It looks like more panic and fear as the selling has continued to roll," said Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance based in Charlotte, North Carolina.
The Dow Jones Industrial Average fell 608.01 points, or 2.41 percent, to 24,583.42, the S&P 500 SPX> lost 84.59 points, or 3.09 percent, to 2,656.1 and the Nasdaq Composite dropped 329.14 points, or 4.43 percent, to 7,108.40.