Dow Plunges, TSX Falls On Rough Day For Stocks

Tech shares were down, and Goldman Sachs had their worst drop since 2011.

A mix of weak tech stocks, falling California utility companies, along with big names General Electric and Goldman Sachs having a terrible day led a big drop in the Dow.

The benchmark U.S. exchange fell over 600 points.

Goldman Sachs was down after Malaysia said they would “seek a ‘full refund’ over bond deals for its sovereign wealth fund that have landed the company in the midst of corruption probes.”

With iPhone sales looking slow, Apple fell, which also hurt their main suppliers.

General Electric continued to struggle, and the companies stock price has been on a long downward trend.

The TSX was also down, dropping 118 points.

The Stoxx Europe 600 was down about 1%, while the U.K. FTSE 100 dropped 0.7%.

West Texas Crude dropped 2%, but still maintains a massive price advantage over Canadian oil, as Canada’s oil producers can’t get enough of our oil to market quickly enough to compete.

Spencer Fernando

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Ivan Hawkes
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Ivan Hawkes

Remember folks how Justin created a new law called the “Bail In” law. Instead of the banks looking to government to bail them out when they find themselves in trouble, the bail in law allows the banks to bail themselves out by pulling money from YOUR ACCOUNTS legally. You are considered “in business” with the bank because you are making profit (interest) from banking business, therefore as a partner you are expected to cover their problems. I wonder if this situation is something to do with Stats Canada wanting to look into your personal banking business.