Dow Hits 36,000! Profits soaring!!

[San Souci]

Companies are making profits right now and Wall Street sure likes that. I remember how much of a barometer the stock market was to measure a President’s success over the last several years. When will you conservatives start enjoying a growing economy?


Dow Average Touches 36,000 Buoyed by Earnings: Markets Wrap
Stocks Pare Gains Amid Earnings, Fed Taper Outlook: Markets Wrap

Stocks rose toward another record amid earnings surprises and optimism the recovery in the world’s largest economy is on track.

The Dow Jones Industrial Average touched the 36,000 level. The S&P 500 climbed for a third day, led by commodity, retail and financial companies. The tech-heavy Nasdaq 100 underperformed. Treasuries fell.

More than 80% of S&P 500 companies reporting third-quarter results have beaten Wall Street estimates, according to data compiled by Bloomberg. That has laid the groundwork for a nearly 6% gain in the equity benchmark since the season began on Oct. 13 -- the best performance over a comparable period since 2014.

Now it is CRASHING because Bidens Economy was made of Paper,

 

[citygator]

Now it is CRASHING because Bidens Economy was made of Paper,

You have no idea what you’re talking about.

 

[San Souci]

You have no idea what you’re talking about.

Yeah? It has gone down over 5000 points since this thread started. THAT is what happens when the Market is propped up with Fiat Money.

 

[Batcat]

Now it is CRASHING because Bidens Economy was made of Paper,

Biden has the reverse Midas effect.

 

[citygator]

Yeah? It has gone down over 5000 points since this thread started. THAT is what happens when the Market is propped up with Fiat Money.

5,000 from where? Biden high point?

 

[Oddball]

You have no idea what you’re talking about.

 

[San Souci]

5,000 from where? Biden high point?

Biden? It was inertia from the Great Trump Economy. Investors are now seeing the light. This economy is headed into DEPRESSION.

 

[Turtlesoup]

If the feds are successful in reducing the growth of the money supply before consumers stop buying do to increasing prices, then this correction will just be a bump road but if consumers sharply reduce spending in next few months, then the market will fall a lot lower and we will probably go into a recession.

OMG...........

the road has been smashed. It is not a bump------the inflation will not reverse for quit a while and never return to normal. Thanks Biden --thanks feds---thanks globalist billionaires. We are going into a massive recession------uncharted with the all the fucked intervention that Biden has done. Mess upon mess...

 

[Turtlesoup]

You have no idea what you’re talking about.

Yes they do...

The economy is crashing the sugar high of the stimulus stealing is ending--and we are going to be forced to pay the piper for Biden/Fed scams.

 

[Sandisk]

Sorry I meant 2008. On Sep 28, 2008 when Congress failed to pass a 700 billion dollar bailout, the Dow fell nearly 1400 points but regained over 600 points to close down 777 points. Next day the market rose and most the previous days lost was wiped out. My point was it is almost impossible to spot market bottoms which is why most short term investors don't do well. This is why I dollar cost average in my investment portfolio. I buy it down and buy it up. Occasionally when I come into unexpected cash as I have the last few years and the market is way overpriced in relation to earning I will hold for a correction but generally I will just dollar cost average because it has worked very well for me for over 40 years.

Yes, it is difficult to spot the bottom.
But there are certainly things that can point to trends.
And the the trends now are down.

I cannot say this strongly enough - the boom since 2009 is almost entirely due to the Fed being 'all in'. They have propped up the equity markets continually since then...without fail.
Result?
The markets have boomed.
The Fed is now out...they are raising rates and lowering their balance sheet as they try to fight inflation.
Throw in the fact that the economy looks poised for a recession with the Q1 GDP drop and throw in almost no, positive indicators.
With respect, I think now is an awful time to buy unless you are looking for a day trader 'special'...and are prepared to get out fast.
Until the Fed are back in - the markets are pointing (overall) downwards, IMO.

And I despise both political parties - so I am not saying this to jump on Biden.
The economy is in bad shape right now.

 

[eagle1462010]

It would be virtually impossible for the Biden administration's actions in regard to opening up federal land to oil and gas lease auctions to have measured effect on the 2022 oil prices. The process of auctioning of federal land, financing exploration and drilling, putting down wells, tanks, piping does not happen in months but years.

Increasing the countries oil supply is a long term process. The priority for oil producers today is to develop existing known reserves as fast as possible to take advantage of the high oil prices.

The high price oil is due to a loss of 4.5 million barrels of oil per day from Russia. The only way the 1922 oil crisis can be alleviated is by OPEC significantly increasing output. OPEC has said they are not able to do that which translates to they are not willing see the price of oil drop from $107 a barrel to about $60.

He attacked fossil fuels day 1 to appease the green freaks. Just showed that and you give excuses. Hes Obama 2.0 where oil companies have to sue to drill.

 

[DBA]

You have no idea what you’re talking about.

Honestly, this is by far the most inept administration in the history of our country on every level, including fiscal policy.

 

[DBA]

Inflation is due to two factors, Covid and support for Ukraine.

The 3 trillion dollar Build Back Better plan had nothing to do with it? Well, Biden didn’t mention it so I guess some people actually believe that nonsense. The guy is talking about spending even more money. Biden and his administration are well aware that spending/printing more money will only exacerbate inflation, but many of their supporters couldn’t care less and Biden certainly won’t let them know. He just wants their votes an to get them he can promise more “free” money. Evidently, he can then just blame his bad policy on anything and everything else and many believe it.

 

[Harpy Eagle]

We weren't buying Russian oil.

Who told you that lie?

U.S. Imports from Russia of Crude Oil and Petroleum Products (Thousand Barrels)

 

[Flopper]

Yes, it is difficult to spot the bottom.
But there are certainly things that can point to trends.
And the the trends now are down.

I cannot say this strongly enough - the boom since 2009 is almost entirely due to the Fed being 'all in'. They have propped up the equity markets continually since then...without fail.
Result?
The markets have boomed.
The Fed is now out...they are raising rates and lowering their balance sheet as they try to fight inflation.
Throw in the fact that the economy looks poised for a recession with the Q1 GDP drop and throw in almost no, positive indicators.
With respect, I think now is an awful time to buy unless you are looking for a day trader 'special'...and are prepared to get out fast.
Until the Fed are back in - the markets are pointing (overall) downwards, IMO.

And I despise both political parties - so I am not saying this to jump on Biden.
The economy is in bad shape right now.

I have never had any faith in the fed. Theoretically manipulating the money supply and adjusting interest rates should allow them to regulation the economy to avoid busts and booms of capitalism. The problem is knowing when to act and how much. The fed's crystal ball has not been that good.

Since I'm retired, my main goal is preservation of capital, income, and moderate growth in that order and that is reflected in my portfolio. Occasionally, I get windfalls of cash and I invest just as I have for over 45 years, dollar cost averaging into domestic and foreign stock and bond index funds which is what I'm doing now. I rarely sell anything but supplement my retirement with interest from municipal bonds.

If I were younger, I would be 100% dollar cost averaging into index growth funds, both foreign and domestic.

I believe the overriding goal of each political party is winning the next election which may or may not be a positive influence on the economy.

 

[Flopper]

The 3 trillion dollar Build Back Better plan had nothing to do with it? Well, Biden didn’t mention it so I guess some people actually believe that nonsense. The guy is talking about spending even more money. Biden and his administration are well aware that spending/printing more money will only exacerbate inflation, but many of their supporters couldn’t care less and Biden certainly won’t let them know. He just wants their votes an to get them he can promise more “free” money. Evidently, he can then just blame his bad policy on anything and everything else and many believe it.

I serious doubt the BBB plan had any effect on inflation. The Build Back Better Plan (BBB) was a $1.7 trillion, not $3 trillion package and did not pass congress nor was it funded.

 

[Cougarbear]

No, just because a country is self sufficient does not mean it's oil stays in that country. To my knowledge Biden has not shut down any oil and gas production anywhere in the US. He has stopped the sale of leases on government land. However, 94% of all oil is produced on private land, not on federal or state land. Biden has been trying to get OPEC to increase production but he has not been successful. However, he may be able to get oil from Venezuela must to consternation of Republicans who are counting on high gas prices to help in the midterms.

Worldwide supply and demand sets the price. American oil is sold on the world market to highest bidder. It doesn't matter how much oil this country produces it's going to be sold to the highest bidder regardless of where that might be unless there is a government embargo. Transportation costs gives US buyers an advantage when purchasing US produced oil but there are different grades of oil requiring different processing and not all refineries accept all grades plus refining costs vary by grade. Also production cost vary across the world making oil slightly cheaper in one area vs another. The bottom line is increased US production or any other country production will bring down world oil prices. which benefits buyers everywhere.

Unlike some countries oil and gas production is owned and operated by private owners, some US based and some foreign. The US government has the power to shutdown oil shipments from any country. However, the US does not regulate how much oil goes to or from various countries.

The Biden administration just like all US administrations do not buy or sell oil. Occasionally, the government will put an embargo on sales to or from a country such as is being done now with Russia.

re-read carefully. I said that we were selling our oil to our allies before Biden allowed Russia to sell to them. He even made some stupid comment about allowing Russia to do it will help with climate change. How stupid is that. But, it's also the reason he shut down oil coming into the country from Canada and Alaska and other places. Save the planet! Now, it's save the babies because moms can't get the Similac to feed them when they can't breast feed them. The problem with Democrats and liberals is they can't see two moves ahead of their actions and what their stupidity will do to the country and the world. Private lands also are required to get the same permits. Same regulations. Less oil for us and our allies allowing OPEC and Russia to set the oil prices and control the flow of oil. They see how weak Biden is and laugh at him. That's why they refuse to increase production. Weak presidents cause weak outcomes. And, if you think the world sets the price, then you weren't paying attention while Trump was President when the price sank below $0/gal. And, he had already stopped Russia from selling their oil to NATO countries. But Biden in an hour signed away all of Trump's executive orders creating havoc in all areas of our economy and national interests abroad.

 

[Cougarbear]

Who told you that lie?

U.S. Imports from Russia of Crude Oil and Petroleum Products (Thousand Barrels)

View attachment 643935

Why are we buying oil from Russia for Putin to use against Ukraine? All while we send Ukraine billions of dollars to fight Russia? The more we drill ourselves, the less we have to buy from our enemies and the enemies of the world.

 

[Flopper]

He attacked fossil fuels day 1 to appease the green freaks. Just showed that and you give excuses. Hes Obama 2.0 where oil companies have to sue to drill.

Of the federal land drilling permits issued, drilling has not started on 9,000 permits. The mostly like reason is reduction in demand for oil. In 2020 the average price per barrel of oil was about $38 to $42 and these low prices continued through most of 2021. Since no one knew that there would be an embargo on Russia oil in 2022, there was no reason to expect and extraordinary amount of drilling on federal or private land. Regardless of the number of drilling permits issue in 2020 and 2021, there would be little difference in today's production.

Fact-checking Biden’s claim that there are 9,000 unused oil drilling permits

Fact-checking President Joe Biden’s claim that there are 9,000 unused oil drilling permits. That's mostly true.

www.statesman.com

 

[Flopper]

re-read carefully. I said that we were selling our oil to our allies before Biden allowed Russia to sell to them. He even made some stupid comment about allowing Russia to do it will help with climate change. How stupid is that. But, it's also the reason he shut down oil coming into the country from Canada and Alaska and other places. Save the planet! Now, it's save the babies because moms can't get the Similac to feed them when they can't breast feed them. The problem with Democrats and liberals is they can't see two moves ahead of their actions and what their stupidity will do to the country and the world. Private lands also are required to get the same permits. Same regulations. Less oil for us and our allies allowing OPEC and Russia to set the oil prices and control the flow of oil. They see how weak Biden is and laugh at him. That's why they refuse to increase production. Weak presidents cause weak outcomes. And, if you think the world sets the price, then you weren't paying attention while Trump was President when the price sank below $0/gal. And, he had already stopped Russia from selling their oil to NATO countries. But Biden in an hour signed away all of Trump's executive orders creating havoc in all areas of our economy and national interests abroad.

I don't understand what you mean by this statement.
"I said that we were selling our oil to our allies before Biden allowed Russia to sell to them."
Of course we were selling oil to our allies. And Biden can not allow or disallow sale of Russian oil to our allies.

"But, it's also the reason he shut down oil coming into the country from Canada and Alaska and other places"
No, He did not stop oil coming into the country from Canada or Alaska. He issued an executive order canceling the construction of Keystone XL. XL is just and extension of the Keystone pipeline with larger diameter piping allowing rapid transport of the planet's dirtiest fossil fuel and tar sands oil. These products can and are being shipped into the US. XL would have just made it cheaper and faster.

And from your comment, you don't seem to think government should do anything about the shortage of baby formula. 3 strikes and you're out. I'm skipping the rest of your post.