At the conclusion of the worst week for stocks since the heart of the financial crisis, you may be forgiven for feeling a serious case of whiplash. After all, it was just a week and a half ago when the S&P 500 index reached a new all-time high. Now the S&P, the Dow, the NASDAQ and the Russell 2000 index of small stocks have all fallen more than 10 percent from their previous highs.
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Two back-to-back, brutal days of stock selling, which wiped out more than $1.7 trillion in value from the S&P 500, has prompted me to dust off a post that I always have handy: an investor protection plan.
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Just two days before the U.S. was set to impose another round of tariffs on China, the world’s two largest economies agreed upon a partial deal.
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Remember way back in August, when economists and investors were gnashing their teeth about a looming recession? For the last three months, economic data have mostly improved, underscored by the just-released boffo November jobs report.
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Given the fighting in Syria, anti-government protests in Hong Kong, the down to the wire vote on Brexit, the expanding U.S. impeachment inquiry, not to mention ongoing trade conflicts between the U.S. and China, the U.S. and the European Union and South Korea and Japan, it’s easy to understand why people are worried about the current state of the globe.
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The August report bolsters the case for another quarter-point interest rate cut when the Federal Reserve meets on September 17-18. Officials will cite the slowdown in job growth and softening manufacturing data, but will also likely reiterate that the economy remains on solid footing overall.
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