Dow is Down 670 Points Marking One of the Biggest Single-Day Drops in American Financial History

The Dow closed down around 670 points, the biggest drop in two years. John Petrides is the Managing Director and Portfolio Manager at Point View Wealth Management, Inc. Petrides joins Cheddar to help explain why the market experienced such a drop today. Petrides says interest rates could have had a part of the drop. Petrides says this should be treated as a buying opportunity. When it comes to which sectors to focus on, Petrides thinks there will be more activity for the banking and financial sector. He also thinks the healthcare sector will also be strong as the world population continues to age.

More In Business

Fed Maintains Rates Amid Inflation, Economic Concerns Persist

The Fed maintained the 5.25-5.5% rate in May 2024 due to persistent inflation and a tight labor market amid public concerns about financial futures.

Is Co-Ownership The Solution To The Frozen Housing Market Dilemma?

The Q3 2024 housing market saw high prices, stable mortgage rates, and low inventory, driving competition, and record median home prices of $419,300.

JPMorgan Profits Jump In Q2 On Higher Interest Rates, Visa Shares

JPMorgan Chase says profits jumped sharply ias the bank cashed in billions of dollars of its holdings in Visa Inc., also helped by higher interest rates.

Senator Calls Out Big Tech’s New Approach to Poaching AI talent

U.S. Sen. Ron Wyden is calling for action against a new practice big technology companies are using to swallow up AI talent.

The $36 Billion Trading Loss You’ve Never Heard Of

Archegos's Bill Hwang turned $10 billion into $160 billion into nothing. Plus: Intuit's layoffs, Elon's travails, Boeing's bad week, Jerome Powell, and mor

Costco Raises Annual Membership Fees for the First Time Since 2017

Costco bargain hunters are going to have to pay an additional $5 to $10 annually as the warehouse chain prepares to raise its membership fees.

¡Aprende Idiomas En 2024 Con Babbel! Say "¡Hola!" To New Adventures!

Language learning apps surged in 2024, with Babbel offering interactive lessons, vocabulary practice, and grammar exercises for effective language acquisition.

AI's Dual Impact on Jobs: Displacement and Creation Worldwide

AI is poised to transform global employment by replacing 300 million jobs while creating new ones, potentially boosting GDP by 7%.

Jenius Bank Report Reveals Financial Impact on Mental Health

The Mind-Money Connection explores how managing finances can boost happiness and uncover the real impact personal finances have on mental health and well-being.

Milk, Eggs and Now Bullets for Sale In Grocery Vending Machines

A company has installed vending machines that sell ammunition in grocery stores in Alabama, Oklahoma, and Texas, raising gun control concerns.

Load More