The Dow Jones Industrial Average has plunged 1,658 points since January 1. Retirees dependent on their retirement accounts are shaken. What do you think the prospects are? Does this herald an economic disaster?
From Matt Egan, From horrible to just bad: Dow ends down 249 points – Jan. 20, 2016:
The Dow plunged as much as 565 points on Wednesday after crude oil crashed below $27 a barrel. However, stocks staged a comeback and the Dow closed with a loss of “only” 247 points.
The S&P 500, down as much as 3.7% earlier, closed the day off 1.2%. It was still the lowest close for the index since April 2014. The Nasdaq briefly turned positive before ending with a loss of 0.1%.
“The comeback was needed just to give people some confidence. But I don’t think we can say ding-dong the witch is dead in terms of volatility,” said J.J. Kinahan, chief market strategist at TD Ameritrade.
The markets remain deeply in the red on the year. The Dow has plunged 1,658 points in 2016, while the S&P 500 is down 9%.
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