Something to keep in mind…

U.S. stocks plunged on Monday, marking a second day of trading that generated steep declines, amid fears of rising inflation and potential rate increases by the Federal Reserve.

The Dow Jones Industrial Average plunged 1,175.21 points, or 4.6 percent, closing at 24,345.75 on Monday. Earlier in the afternoon, the index declined more than 1,500 points before recovering slightly. Even though it marks the biggest point drop ever, the market’s decline is far from the largest on a percentage basis. The largest historic percentage drop was on Oct. 19, 1987, when the market plunged more than 22 percent.

The two-day losing streak was sparked by a pickup in wages, which could usher in higher inflation. Average hourly earnings, which had been rising at a modest 2.5 percent in the recovery, increased by 2.9 percent from the year before, the Labor Department said on Friday.

They’re betting against you.

3 thoughts on “Something to keep in mind…

  1. Countme-a-Demon

    Most of the wage “inflation” can be accounted for by minimum wage increases across the country.

    The big money keeps track of that and they no like.

    When the big money were the only ones receiving mammoth unconscionable income increases, it was all innocent deserving faces with them.

    The beauty of America’s truly exceptional and colossal full-of-shitness is that the schmucks receiving the pittances apparently voted for mp and he turned around and increased the rents at Mar-a-Lago and then cut his own taxes on their backs.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *