Here is what you need to know.
The Dow suffers its 3rd-biggest one-day point drop in history. The Dow Jones industrial average tanked 831 points, or 3.15%, on Wednesday as traders grappled with global growth concerns, trade fears, and the possibility of more Fed rate hikes.
Global markets are getting pounded. China’s Shanghai Composite plunged 5.2% and Britain’s FTSE is down 1.76%. Dow futures are showing a drop of more than 330 points at the open.
Trump rails against the Fed over rate hikes. “I think the Fed is making a mistake,” Trump told reporters before a campaign rally on Wednesday. “They are so tight. I think the Fed has gone crazy.”
The market is doing something rarely seen over the past 20 years — and it could mean the meltdown is just getting started. Stocks and bonds have been battered in recent days and their negative correlation means there could be further pressure ahead, according to Jim Paulsen, the chief investment strategist at Leuthold Group.
Bitcoin tanks as cryptocurrencies join in global market bloodbath. The number one cryptocurrency by market capitalization plunged as much as 7%, to a low of $6080.99 a coin, before slightly paring its …read more
Source:: Businessinsider – Finance