‘I Think We’re in a Recession Right Now’: Fox’s Stuart Varney Sounds Alarm as Markets Tank
Fox Business anchor Stuart Varney deemed Monday’s market open “a bloodbath” as he analyzed the plunging stocks in each industry.
“I think we are in a recession right now, in fact, I think we’re going into it,” he said.
Susan Li agreed “it’s going to be close” but offered a less certain assessment: “A recession is two quarters of negative growth, right? We have JP Morgan saying we’ll get negative growth in the first quarter, second quarter, but this is contingent on the fact that you get some sort of stimulus. Hundreds of billions from the government for a sharp v-shaped rebound on the back half. Goldman is still not predicting a recession and neither is Treasury Secretary Mnuchin.”
“But Goldman is saying in the second quarter of this year,” Varney replied, “the economy will contract to 2-5%.”
Stocks continue to plummet as the coronavirus spreads. As Varney and the Fox Business panel ran through groups of stocks, they revealed that every industry’s stocks were down. The one industry that was not completely in the red was “disinfectant stocks” — as Clorox Company stocks were up.
The Dow Jones Industrial Average fell 2,250 points at the open on Monday while the S&P 500 fell 8% and the Nasdaq Composite was down 6%, which led to a 15-minute halt in trading.
Varney’s comments on a recession came around 4:30 in the clip above.
Watch above, via Fox Business.
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