| | | Probably not what investors want to hear right now.
WASHINGTON ? President Donald Trump on Saturday urged Americans to "hang tough" and played a round of golf for the second consecutive day as his baseline 10% tariffs on imports from all U.S. trading partners went into effect.
After announcing the massive tariffs Wednesday, the U.S. stock market plummeted, with the Dow Jones industrial average losing 9.2%, the S&P 500 falling 10.5% and the tech-heavy Nasdaq tumbling 12%.
This is how they are hanging (and going to tank the economy from fear) and it is not just old folks:
Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s, NBC News reported.
Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
"I'm just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover," said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead.
"What we've been doing is trying to enjoy the time that we have, but you want to be able to make it last," Paula said Friday. "I have no confidence here." |
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