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Dow Jones Drops 31,000 Points to Enter Negative Territory
Continuing their steep downward trends, both the Dow Jones and NASDAQ finished in negative territory today.
The collapse, which began with a pedestrian 5% decline of the Dow at the opening bell, soon saw the index crash through every level of support on its way to a sub-zero close for the day, the first time it has been at or below that level since its founding in 1885.
"Make no mistake, if you still own stocks, you currently owe money," Dan Wyden of Prudential Investments clarified. "That's how it works."
"You will be contacted by your broker regareding payment," Wyden elaborated. "If you cannot pay what you owe, any other assets you own will be seized."
Still, despite the unprecedented >100% drop in the markets, many analysts continue to recommend investors maintain a long-term view of their portfolios.
"Certainly, stocks have been facing significant headwinds lately – from rising inflation and the hefty interest rate hikes that will result, to the war in Ukraine – but in hindsight, ten years from now this downturn will likely seem nothing more than a blip," Jefferey Powers of Merrill Lynch offered.
Not so, rebutted Wyden.
"No, actually this is the end of the stock market," he said. "That's it folks. Thanks for playing."
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