Another day, another blood bath on U.S. stock markets.
Despite the Federal Reserve firing off bazookas on Sunday by cutting interest rates to zero and unleashing a $700 billion quantitative easing program, equities tanked at the opening bell.
Here is what the market looks like at the time of this writing:
– Dow Jones: -2,083.54, or 8.99 percent, to 21,102
– S&P 500: -7.81 percent to 2,499
– Nasdaq: -7.62 percent to 7,280
– Gold: -$38.50 to $1,478.20
– 10-year Treasury note: 0.816 percent.
– Oil: -6.65 percent to $29.62 per barrel.
While this is unlikely the bust of the business cycle, it is still chaotic out there. If you do not have the appetite for the 1,000-point swings, then sit on the sidelines and wait for the volatility to subside. On the other hand, if you can weather the storm clouds, then you do have some buying opportunities.
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