The Dow Jones Industrial Average closed 1,031.61 points lower, or 3.56%, at 27,960.80. The S&P 500 slid 3.35% to 3,225.89 while the Nasdaq Composite closed 3.71% lower at 9,221.28. It was the Dow’s biggest point and percentage-point drop since February 2018. The Dow also gave up its gain for 2020 and is now down 2% for the year. The S&P 500 also had its worst day in two years and wiped out its year-to-date gain as well.
“The second-largest economy in the world is completely shut down. People aren’t totally pricing that in,” said Larry Benedict, CEO of The Opportunistic Trader, adding a 10% to 15% correction in stocks may be starting. He also said some parts of the market, particularly large-cap tech stocks, appear to be over-owned. “It seems like there’s much more to come.”
3.5% of $124 billion is $4.34 billion (twice the total amount LDS Charities has spent over the last 35 years). Did the Church lose 70 years of Charitable spending in one day? I assume the Prophet saw it coming and put all the money into Gold...
Apple and its suppliers took a hit as well. Shares of the iPhone maker were down by 4.8%.
From memory, I think the Church holds a lot of Apple stock...
“When we are confronted with evidence that challenges our deeply held beliefs we are more likely to reframe the evidence than we are to alter our beliefs. We simply invent new reasons, new justifications, new explanations. Sometimes we ignore the evidence altogether.” (Mathew Syed 'Black Box Thinking')
Oh boy, I hope we aren’t playing Monday morning quarterback against the good folks at Ensign Peak. Their mandate is long term investment returns which means buying and holding quality assets through market cycles, delivering above market returns by outperforming in ups and downs... all done by following tried and true portfolio construction and investment management principles. I wouldn’t take any single day to nit pick.
But if the point is that the money is doing nothing good for the world, doing no more works of Jesus than jellyfish in the ocean, bobbing up and down with the waves, well that is a very good point indeed.
There definitely is a wider point to be reinforced here. The building of the fund has become an end in and of itself. It’s now the Church’s prime objective. This daily, weekly, monthly, quarterly, annually tracking of ups and downs, gains and losses is all the church does. It’s Goldman Sachs.
“When we are confronted with evidence that challenges our deeply held beliefs we are more likely to reframe the evidence than we are to alter our beliefs. We simply invent new reasons, new justifications, new explanations. Sometimes we ignore the evidence altogether.” (Mathew Syed 'Black Box Thinking')
I just know that this widow's mite went down in a huge way...now, if I just had tucked away some tithing dollars I could at least hoard some savings of my own.
U.S. stocks slumped for a fifth straight session on Wednesday as investors continued to weigh the fast-spreading coronavirus and its impact on the economy.
Worry about economic fallout from the deadly virus that originated in China fueled a sharp sell-off this week that wiped out the market’s gains for the year.
On Wednesday, the Dow Jones industrial average slumped 124 points to close at 26,957.59, after shedding nearly 2,000 points following steep losses on Monday and Tuesday. The blue-chip average is off 8.8% from its Feb. 12 record, putting it on the brink of a correction, generally defined as a decline of 10% from a recent high. The Standard & Poor’s 500 slipped 0.4% to end at 3,116.39.
Tithing might need to go up to 12.5% at this rate...
The tech sector was among the worst hit by sell-offs this week as many of the companies rely on global sales and supply chains that could be stifled by the spreading outbreak.
Did Nelson’s pen advise him to Sell Sell Sell Apple stocks?
“When we are confronted with evidence that challenges our deeply held beliefs we are more likely to reframe the evidence than we are to alter our beliefs. We simply invent new reasons, new justifications, new explanations. Sometimes we ignore the evidence altogether.” (Mathew Syed 'Black Box Thinking')
New York's Dow Jones has recorded its biggest one-day points fall in history as the coronavirus stock market sell-off gathered pace.
The Wall Street index fell by 1,191 points, or 4.4%, as share indices across the globe entered "correction" territory amid heightening worries about the economic impact of the outbreak.
It put US markets on course for their worst week since October 2008 - at the height of the financial crisis.
Earlier on Thursday, the FTSE-100 suffered its biggest one day fall in percentage terms since August 2015.
Markets in London, Europe, and the US were in so-called "correction" territory after the latest declines - meaning they have lost more than 10% of values off their most recent highs.
One assumes the Prophet saw this coming...
“When we are confronted with evidence that challenges our deeply held beliefs we are more likely to reframe the evidence than we are to alter our beliefs. We simply invent new reasons, new justifications, new explanations. Sometimes we ignore the evidence altogether.” (Mathew Syed 'Black Box Thinking')