(TheRedAlertNews.com) – BREAKING NOW: At the mid-point of the trading day, the Dow Jones Industrial Average has fallen below 30,000 — a level below any day of President Joe Biden’s term in office that began on January 20, 2021.
As CNBC is reporting at the halfway point of the day in “Dow drops 400 points, breaks below 30,000 on fear the Fed is overdoing its inflation fight“:
“Stocks slumped on Friday and were on pace for another losing week as bonds yields soared and investors feared the Federal Reserve’s aggressive hiking campaign to fight inflation will lead to an economic downturn.
“The Dow Jones Industrial Average fell by 470 points, or 1.55%, while the S&P 500 slid 1.8%. The Nasdaq Composite lost 1.8%.
“Friday marked the fourth negative session in a row for the major averages, with the Dow falling below its June closing low and the 30,000 mark. The Fed on Wednesday enacted another super-sized rate hike of 75 basis points and indicated it would do another at its November meeting.”
While many financial experts blame the downturn in the stock markets on the Federal Reserve for increasing interest rates to fight inflation, as one pundit noted, it is always the president in office who receives the political fallout from a declining market.
With the Democrats looking to hold the House and Senate in elections now just weeks away, there couldn’t be a worse moment for them (and a better moment for the GOP) for the market to be below the day they took power almost two years ago.
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