The stock market has many investors uneasy as daily gyrations continue with the Dow Jones industrial average closing last week at 23,932.76, down a hefty 572.46 points on Friday, the day after dropping as much as 767.02 points, even puzzling Vanguard Funds founder Jack Bogle, notes Grumpy Editor.
Equities hit Friday’s session lows in the final two hours of trading after Fed Chief Jerome Powell indicated the central bank would continue hiking rates this year. The market also ran into volatility stemming from a U.S.-China trade dispute.
Bogle, 88, says the renewed regime of volatility in stocks is uncanny, adding on CNBC that “I have never seen a market this volatile to this extent in my career” --- and that’s 66 years.
(Pssst! Or maybe the Chinese are involved with the stock market’s gyrations. Or could it be Russian collusion?)
Continuing its zig-zag routine, two hours before the close today the DJ industrial average was up about 400 points. Then, at the close, it settled back to plus 47 points.
Also on CNBC, J.J. Kinahan, chief market strategist at TD Ameritrade, described market trading as “truly a reaction to China,” pointing out, “we've seen with this administration a trend of a big statement, followed by everyone getting riled up, and then a pragmatic solution is found."
He added, "Cooler heads may prevail moving forward.”
After China announced fresh tariffs on 106 U.S. products, President Donald Trump threatened more levies, asking the U.S.Trade Representative to consider an additional $100 billion in tariffs against China.
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