Stocks Surge Back, Dow, S&P and Nasdaq All Close With Highest One Day Point Gains In History and People Let Krugman Know It

Nobel Prize-winning economist Paul Krugman speaks during a press conference at the World Capital Markets Symposium in Kuala Lumpur, Malaysia, Monday, Aug. 10, 2009. Aggressive stimulus spending by governments helped the world avoid a second Great Depression but full economic recovery will take two years or more, Krugman said Monday. (AP Photo/Lai Seng Sin)

As my colleague Bonchie reported earlier today, the Democrats and media who were beating up President Donald Trump over the drop in the stock market last week, seem strangely silent today as the market began to recover.

Paul Krugman tried to tie the virus to Trump, calling it “Trumpvirus,” even celebrating the drop in the Dow to 25,000.

He even wrote an article titled “When a Pandemic Meets a Personality Cult” and falsely claimed Trump had cut the CDC and repeated the Democratic/media lie that Trump called the virus a hoax.

Of course, the drop had nothing to do with Trump, but with concerns about the global supply lines of goods. But he has done things to reassure the public, despite the efforts of some like Krugman to cause a panic.

But once people began to be reassured that things weren’t going to crash, they stopped the panic selling and started buying stocks back, a completely predictable reaction to anyone who understands markets. But of course, if you listened to Krugman, that’s not what you would have been hearing. In fact, today he hasn’t tweeted at all so far.

Not surprisingly, given how the stock market has done today. Every sector closed higher, five full percentage points higher, with the Dow up nearly 1300 points, up 1294, the largest one day point gain in history for the average. It was the biggest percentage gain at 5.1%, to 26,703.32 since March 2009, according to CNBC.

From CNBC:

The S&P 500 climbed 4.6% — its best one-day performance since Dec. 26, 2018 — to close at 3,090.23. The Nasdaq Composite also had its best day since 2018, surging 4.5% to 8,952.16.

Monday’s gains snapped a seven-day losing streak for the Dow.

Apple shares led the Dow higher with a 9.3% jump; Merck and Walmart gained 6.3% and 7.6%, respectively. Utilities, tech, consumer staples and real estate all rose more than 5% to lead the S&P 500 higher.

Of course it isn’t having the huge coverage in media that blamed the president for the drop had last week.

As I said at the end of my Krugman article on Friday, if Krugman predicts disaster, be assured of recovery.

Once again, he proves that maxim right.

Although he’s been silent today, people were letting him know.