‘My Goodness Me. That’s a Bloodbath’: Watch How Networks Covered the Stunning Market Plunge in Real Time
Trading on the New York Stock Exchange was halted just seconds after the opening bell was struck Monday morning — as the Dow Jones cratered by more than 2,250 points within seconds.
On the three major cable news networks, and the two major business networks, those stunning early moments of trading played out in dramatic fashion. Here’s how they covered the market free-fall in real time:
The voices could be heard in the background as anchor Carl Quintanilla announced that trading would pause amid the massive drop in the S&P 500 shortly after 9:30 a.m. ET.
But despite all of the red on the big board, CNBC’s Jim Cramer sounded a note of cautious optimism.
“I don’t think we’re in a permanent state of end of days,” Cramer said — noting that not all stocks are created equal, and that the drops for some were not warranted.
As it happened, CNN Newsroom featured an interview with White House National Trade Council Director Peter Navarro right as the market opened — and then closed.
Anchor Poppy Harlow put Navarro right on the spot.
“You’re a top economist at the White House, are we heading into a recession?” Harlow said. “I appreciate the efforts you just outlined, but this is freaking people out, Peter.”
Harlow then asked whether President Donald Trump’s words are damaging the economy.
“Markets are looking for leadership. Leadership is prescriptive,” Harlow said. “The markets here are reacting also to the president and his words. Is he doing enough to put confidence in the market by saying something that’s not under control is?”
“Poppy, let’s not do that kind of thing right now,” Navarro said.
“Peter, it’s not doing that kind of thing,” she responded. “The market is hanging on his words. You know this.”
Stuart Varney rattled off the steep declines among blue chip stocks. Amazon down 150. Google down 140. Apple down 34. Facebook down 20.
The host’s reaction was visceral.
“My goodness me,” he said. “That’s a bloodbath.”
Varney went on from there to proclaim that the U.S. is now in a recession.
Shortly after her own show went off the air on Fox Business, Maria Bartiromo stopped by America’s Newsroom to provide her take on the tumbling market. In her view, the Fed’s interest rate cut is a troubling sign.
“People are realizing the Fed is out of tools,” Bartiromo said. “There is not much more you can do after cutting interest rates to zero.”
Still, Bartiromo sounded an upbeat note.
“If I’m gonna bet on anybody,” she said, “I’m gonna bet on America.”
On Friday night, Fox Business Host Lou Dobbs showed off a Dow chart from Friday’s 2000 point surge which was autographed by President Trump.
Appearing on MSNBC early Monday, CNBC contributor Josh Brown suggested that moment will live in infamy for Trump.
“I would say autographing the five-minute chart of the market’s performance on Friday will go down in history along the same lines as George W. Bush with the ‘Mission accomplished’ banner on the aircraft carrier,” Brown said. “It’s pretty much the same thing.”
Watch above, via CNBC, CNN, Fox Business, Fox News, and MSNBC.
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