Wall Street Sinks, Smells Like Biden
This isn’t good.
Stocks plunged on Monday for a number of economic and political reasons. Besides the pandemic which has been giving the stock market a number of issues from the very beginning, President Biden is dealing with a massive geo-political issue that could make things worse.
President Biden is expected to hold a video call this afternoon with European leaders to discuss the potential war between Russia and Ukraine.
According to Fox, as a result, the Dow Jones Industrial Average crashed 1,000 points or 3% before making up some of their losses. The S&P 500 is currently down 10% from its peak and Nasdaq Composite fell deeper into its own correction but halved its 4% drop.
The CIO of Circle Squared Alternative Investments recently stated, “We are now dealing with legitimate risk in the market.”
Chief money and markets strategist for Ally, Lindsey Bell, told The Hill, “The largest driver of this move has been the intensified level of uncertainty. The usual suspects for this uncertainty have been the Fed and their rate hike plans, hot inflation, and slowing growth. Now we have the added uncertainty of geopolitics. The hardest part of times like this is the waiting for clarity.”
