‘Carnage Continues’: Fox’s Stuart Varney Offers Grim Analysis of Latest Market Plunge
Fox Business anchor Stuart Varney labeled Wednesday’s market open “a sea of red,” as all 30 of the Dow stocks were down, while the S&P 500 was down 2.6% and the Nasdaq composite was down at 2.4%.
In another volatile week for Wall Street, the Dow Jones Industrial Average was poised to open 693 points lower than Tuesday and as of writing, has dropped roughly 1,000 points.
The Dow surged in the final hour of trading on Tuesday, resulting in a 1,167 point gain. The impressive gain, however, was no match for the 2,014 point fall the Dow faced on Monday, labeling this week another rollercoaster week for the economy.
As Varney ran through groups of stocks, he revealed that big tech groups, including Apple, Facebook, and Amazon, are all down.
Financial groups are also down, which he explained are due to sharply lower interest rates, adding, that because oil is selling at $33 per barrel, “you’re not going to make a profit off that.”
Minutes later, as Varney analyzed oil, biotech and airline stocks, he remarked: “Carnage continues.”
The market is likely continuing to crash because of corona fears, as the latest news on the virus reveals testing concerns. The New York Times revealed a “series of missed chances by the federal government to ensure more widespread testing during the early days of the outbreak,” adding, “Faced with a public health emergency on a scale potentially not seen in a century, the United States has not responded nimbly.”
Have a tip we should know? [email protected]