During his podcast earlier this week, Peter Schiff said “the party is over” in the stock market. As if on cue, the Dow Jones is off to the worst start in a quarter since the 2008 financial crisis.
The Dow plunged 494.4 points on Wednesday, a 1.86% decline. Combined with Tuesday’s 343.7 point drop, the Dow is down more than 3% in two days. The 800-plus point slide is the worst start to a quarter since the last three months of 2008. In the fourth quarter of that year, the Dow fell 19.4%.
The Nasdaq officially dipped into bear territory on Thursday.
The tech-heavy index rallied off its interday lows to close just a rounding error away from official bear status — for now. The Nasdaq has lost nearly 20% of its value in just four months. Reuters called it “the latest sign that the bull market that began in the depths of the financial crisis a decade ago could be coming to an end.”
Wednesday was another ugly day on Wall Street.
Stocks tanked, wiping out gains for the year in both the Dow Jones and S&P 500 Index. The Dow fell 608 points and the S&P 500 shed 3%. The Nasdaq plunged 329 points and lapsed into a correction territory. It was the largest daily decline on Wall Street since 2011.
In his most recent podcast, Peter Schiff asked a key question: will the Federal Reserve swoop in and change the nature of the game?
The Nasdaq had the biggest gain last month since the year 2000.
In his most recent podcast, Peter Schiff reminds us what happened right after that 2000 peak.
The Nasdaq – it declined approximately 80% from peak to trough. So, the fact that we haven’t had a month this strong since 2000 should give people pause.”
Stocks rebounded Monday after their precipitous fall late last week. The Dow Jones rose 669 points. Then on Tuesday, it tanked again, falling over 300 points.
In his latest podcast, Peter Schiff said the increase in stock market volatility is another sign things are different. He reiterated what he said last Friday. He thinks we are in a bear market. All of the flashing warning signs are there. It’s just that nobody can seem to see them.