This is the result of intention policy choices by the Biden Administration and Democratic Congress.
NEW YORK (AP) — Stocks are falling on Wall Street after a highly anticipated report on inflation turned out to be even worse than expected. The S&P 500 was 0.8% lower in early trading Wednesday, and Treasury yields jumped as expectations built for the Federal Reserve to hike interest rates drastically at its meeting later this month in an effort to slow skyrocketing inflation. The Dow was down 0.6%. Technology stocks and other winners of the early days of the pandemic were again among the biggest losers. The Nasdaq was 1.1% lower, and its loss of 29% for the year is nearly double the Dow’s.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
NEW YORK (AP) — Early gains on Wall Street were doused Wednesday after the government reported that surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, likely sealing the case for another large interest rate hike by the Federal Reserve.
Futures for the Dow Jones Industrial Average and the S&P 500, which were pointed toward gains just minutes before the release of the report, pivoted sharply lower after the Labor Department’s report showed that consumer prices soared 9.1% compared with a year earlier.
You’ve got to get your mind right, Luke.
It’s worse than that. Averaging the increases in gasoline, groceries, and utilities over the last 12 months you get a thirty-seven percent increase.
Somehow, the MSM failed to mention that.
In the house of the wise are stores of choice food and oil, but a foolish man devours all he has.
It’s a shame so many of ya’ll are suffering during this time of economic downturn, but “ups & downs” are a natural part of our economic system that we simply have to plan for….just be glad that we’re not living in a totally unfettered capitalistic marketplace or we’d be feeling the pinch a lot more than we are now.
I know he ain’t for everybody, but if you are struggling with your personal finances & want some peace-of-mind then check out Dave Ramsey. He’s got great advice on debt reduction and saving for your future. Being debt-free with savings makes the hard times a lot easier to handle then if you are living paycheck-to-paycheck with maxed-out credit cards.
Meanwhile, lots of places are hiring…it’s never been easier to get a second or third job, or even a whole new career! So quit blaming the boogyman in the White House for all of your money problems and instead just pull yourself up by your bootstraps & go get that $$$$!
>It’s a shame so many of ya’ll are suffering during this time of economic downturn
Who exactly do you thin you’re referring to when you say “so many of ya’ll”?
>just be glad that we’re not living in a totally unfettered capitalistic marketplace or we’d be feeling the pinch a lot more than we are now.
Wrong, and incredibly naive and foolish.
This pinch has been caused solely by government overreach of the economy at all points. From closing retail and commercial operations, to implementing nation-wide rent control, to printing money to send it out to buy votes, to being openly hostile to specific businesses and industries.
>So quit blaming the boogyman in the White House for all of your money problems and instead just pull yourself up by your bootstraps & go get that $$$$!
Ah, if only no one could complain out loud or online. We’d have so much more peace and quiet.
But seriously, are you saying that no matter what Gov’t does we should shut up, hold our bootstraps and ‘take it’, no questions asked? That does not seem much like a representative Gov’t to me, but to each his own. Enjoy bending over for the Man, because the more you do it, the more often he’ll take you from behind.
You forgot this part, Birdman…
A wise man attacks the city of the mighty and pulls down the stronghold in which they trust.
Nope, not saying that at all…but thanks for allowing me to clarify.
What I am saying is that one should step-up and take charge of their own life instead of blaming some shadowy-secret person half-way across the country for all of their money problems. Rather than simply pointing a finger at Washington DC day-after-day-after-day-after-day-after-day for all of their financial shortcomings & economic hardships, perhaps they should take a good hard look at the fella in the mirror….’cause that person has WAY more to do with success or failure than any politician in office.
It is easy to curse the darkness…especially when you are scared….and I ain’t saying to not do that. But one should also light a candle to try to make things brighter.
>But one should also light a candle to try to make things brighter.
So just how much brighter do you think your comment in the other discussion made things? Here it is.
> are you now suggesting that our borders should be completely closed to all traffic/people? Or is it just our southern border you wish to see locked-down?
and
>It appears that the person who is commenting about the infrastructure being built to make it easier for people to legally cross the border isn’t very happy about the money being spent for that purpose.
Also very ironic how “twisted nipple” you became when Act 10 was talked about, how it meant that the best teachers could hope is “staying even” with the reduced bargaining power… and yet here you are today telling people to get a second job, third job, look in the mirror at the proximate cause, rather than some “shadowy-secret person” for all their money problems.
>In other words, the best that a worker can hope for is staying even. And that is only if they receive the absolute most allowed under state law…so for most years, they are basically losing money.
penquin on June 25, 2022 at 9:54 am
You’re quite a dichotomy of thoughts Pengiun… have you been diagnosed yet?
https://www.tiktok.com/@born2runmedalist/video/7113718748044922158
Pretty much nailed it
One can have a dichotomy of thoughts and not need diagnosis, but constantly trying to play devil’s advocate can take a toll on the respect one is held in by others. Especially when the false advocacy is so often presented as an extreme,