Wall Street stocks tumble as worries mount about US debt
Wed May 21, 2025 7:15 PM
Everything was going along on a more or less even keel until 1 pm when the sky fell and all the indexes plummeted in a major way with 3-digit losses all around and an especially harsh 816-point loss on the Dow. This is all due to Wall Street being scared to death of this new tax bill and the very large increment it will add to the already enormous federal debt.
Speaker Johnson had announced that the bill would pass on Wednesday and perhaps it was 1 pm that the scenario started looking more likely than not, but as of this writing it has not. Today’s sentiment was nicely summarized by today’s expert, “There are any number of headlines, all of which have consequences if indeed they come to pass.” Volume was 19.39 billion, above the 17.5 billion average.
DJ: 42,677.24 -114.83 NAS: 19,142.71
-72.75 S&P: 5,940.46
-23.14 5/20
DJ: 41,860.44 -816.80 NAS: 18,872.64
-270.07 S&P: 5,844.61
-95.85 5/21
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