Two of the original FAANG stocks that carried the US stock market higher throughout the Fed’s fake recovery from the Great Recession have revealed in the past week how quickly overpriced, bubblicious stocks can turn on investors and bring a rising index down.
Facebook, which put the “F” in FAANG, showed it knows the foulest meaning of an “F” when its second-quarter report card got graded. Overnight, Facebook lost $150 billion in value, which was a drop of over 20%, putting the stock, at opening, in its own bear market. By the end of the today’s actual trading (Thursday) the stock had settle at down $119 billion (-19%), which still set a record as the worst corporate crash in the history of the US stock market. Pronounced one analyst of Facebook like a referee, “Bears win this quarter.”
Just for perspective, Facebook’s crash today was bigger than the entire market value of Nike, General Electric, Goldman Sachs, Blackrock, Starbucks, Airbus, and several South American economies all combined. The equivalent of the loss of several of America’s greatest corporations and a few South American economies all in one day is truly the hardest fall anyone has ever taken. Those who were feeling giddy about their retirement funds being invested in tech stocks yesterday might not being feeling quite so giddy today.
Read the rest here: The Great Recession
“……Those who were feeling giddy about their retirement funds being invested in tech stocks yesterday might not being feeling quite so giddy today……”
Those who were feeling giddy about their retirement funds being invested in tech stocks learned nothing from 2008.
Dump your tobacco stocks….. ten days without a cigarette and I still haven’t killed anyone.
14 years man
You can do it if I can
I’ll also out run ya at 55
“ten days without a cigarette and I still haven’t killed anyone.” Your over it at least your body knows this, but your brain will not ever forget it!!!
I still like nocotine gum and toothpicks, and the occasional pipe bowl with a brew..