U.S. stocks tumbled on Monday, with the Dow Jones Industrial Average dropping to an 18-month closing low in a tumultuous trading session that saw the blue-chip benchmark briefly plummet more than 1,000 points.
The Dow plunged as much as 1,089 points in the first six minutes of trading before paring losses as traders said mutual funds and other investors began stepping in to buy up beaten down stocks. More than 13.9 billion shares changed hands, making Monday the largest volume day since August 2011.
Traders attributed the early morning drop in part to big investors scrambling for ways to protect themselves against losses outside the U.S., as well as to a cascade of automatic selling by retail investors. Traders said the sharp morning declines triggered so-called stop-loss orders, which are designed to protect investors by instigating a sale once a stock falls to a certain level. They are typically used by brokers who manage money for retail investors.
The Dow’s tumble marked its largest one-day point decline ever on an intraday basis, as intensifying growth fears sparked steep stock-market losses world-wide. Large retail brokerages hosted calls with their legions of financial advisers, encouraging them to stay calm and possibly buy beaten down companies. Mutual funds and hedge funds also began scooping up stocks, traders said.
Despite us being a little more than a year away from electing the next President of the United States, the current crop of candidates are going to use this latest financial saga to demonstrate why he/she should be elected. Who's best positioned to make that case? Check out Noah Rothman's intriguing piece at Commentary.
- Tough break for the Green Bay Packers as their top Wide Receiver, Jordy Nelson, will be lost for the 2015 season due to a severe knee injury.
Going into this season, the Packers were a legitimate Super Bowl contender. And while the loss of Nelson is a significant blow, Green Bay is probably one of few teams who are equipped to handle such an occurrence given they have on their roster one of the top 3 quarterbacks in the NFL.
While I still believe the Pack will win the NFC North division, this definitely closes the gap between them and my Minnesota Vikings. And though I am grateful that my favorite team may be a more formidable foe in the North, I certainly am not like some Vikings fans who ghoulishly cackle over Nelson's livelihood being in peril.
- You may have noticed the Obama Justice Dept. has not exactly treated the Hillary Clinton email scandal with proverbial kid gloves. It's a sad commentary when we're surprised that departments within the Executive Branch of government actually do their job. If I were a conspiracy theorist (which I am not), it wouldn't be a giant leap to say the DOJ investigations are in part an orchestrated attempt to clear the way for a certain VP to run for President in 2016.
Vice President Joe Biden received President Barack Obama's "blessing" to make a 2016 bid for the White House, according to a senior Democrat.
But that's if Biden chooses to run -- the decision is his. While he doesn't need the President's permission, of course, a potential presidential candidacy was among the topics of their lunch Monday at the White House. The President made clear he would not stand in his way or counsel him against a run, the senior Democrat said.
Biden is leaning toward running, several people involved in discussions tell CNN, but they stress that he has not yet firmly made up his mind to launch a candidacy.
The meeting on Monday night, along with his private session on Saturday with Sen. Elizabeth Warren, underscores the length he is going to explore a run.
While many top Democrats have already signed onto Hillary Clinton's candidacy, several former Obama advisers tell CNN they would work for Biden if he jumps into the race.
Look Out, Hillary: The Biden Tolls for Thee | my latest at @Ricochet https://t.co/j1P1wv01QQ pic.twitter.com/QRSubkR8tE— jon gabriel (@exjon) August 24, 2015