Pfft, 500 points is like 1.2%.
The reasoning here is that the Fed just gave out numbers, and the economy was weaker than people thought. This isn’t a panic, just a slight correction. The Fed is planning to cut rates in September, which will probably have the opposite impact as today’s news.
People have been crying recession, and the data just doesn’t support it. We’ve had a phenomenal year in the market this year, this is just tempering that a little bit.
This has nothing to do with Personal Finance IMO.
the economy was weaker than people thought
The economy was weaker than corporate media was portraying it. Who are you going to believe, CNBC or your lying eyes?
Dunno. The last 2 weeks posts on c/personalfinance are just return2ozma doomscrying an imminent recession. As near as I can remember, there’s been people warning of imminent recession every day for the past 30 years. Occasionally, they’re right.
Online opinion is biased towards perpetual doomsday because the average person wants the markets to crash so they can buy cheap stocks.
Dow is now down 1,500 from Thursday open. The latest Job and Manufacturing reports have cemented a Sept fed cut of at least .25% and likely another two cuts before end of year. Good news if you are looking to buy a house and/or refinance a large purchase
