CNBC host Jim Kramer predicted a market collapse that was reminiscent of Friday 1987’s “Black Monday,” but never happened.
Cramer warned viewers about “Mad Money” that there was a crash on the horizon like “Black Monday,” where Dow Jones Industry Average plummeted about 22% in a day. but, Dow Jones Industrial Average It fell just 0.91% on Monday, S&P 500 .23% soaked Nasdaq Composite In reality, it rose by about .10%. (Related: “They’ve never lost 1,000 points”: Fox’s business host remains surprised by Wall Street sales)
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“We’re one of three modalities. Are you okay? We can take part in the grips of the Covid 2020 model Quick Bear Market. We can take part in the 2000-style Bear Market. “Or it could be a big kahuna. It was one of October 1987, and it was even more difficult for the day we called “Black Monday,” when the market went fierce on Wednesday, Thursday and Friday, then the market fell 22%. ”
“If the president doesn’t try to reach out to these countries and businesses that play by the rules and reward them, the 1987 scenario fell for three days, with the scenario that fell 22% on Monday, the most enthusiastic,” he continued. “There’s no need to wait too long. I’ll know by Monday.”
Stock markets temporarily rose 8% in minutes Monday after CNBC ran through several Chyrons and inaccurately stated that Trump was considering a 90-day suspension of tariffs. But White House spokesman Caroline Leavitt told the outlet it was “fake news.”
The market then fell 3.5% in seconds after Leavitt was exposed. According to Go to Bloomberg Podcaster Joe Weisenthal.
U.S. stocks were caught in the spotlight for the second day in a row on Friday after President Donald Trump announced he had wiped out tariffs on Wednesday. The Dow Jones Industrial Average and S&P 100 experienced the most sharp declines in June 2020, respectively, since 5.5% and 5.8% respectively.
NASDAQ Composite also fell 5.6% on Friday.
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