OT - Dow plunges 1,175 - worst point decline in history

[vincenz]

Time to do some research on what to buy.

[robertbb]

Originally Posted by Llewellyn

Aussie market down more than 7% today. Going to be good buying opportunities at some stage.

Not yet. Corona cases growing and recession looming. Highest debt levels in the world... retail dead in the water.

[Tony T]

Looking like trading will halt for 15 minutes right after the open (if down 7%). Next if down 15%, but probably won’t drop that low. (Futures have been halted all night at down 5%)

The only positive I see in any of this is a changing of the guard in November.

[Jeff N.]

Bad news bears......

[sailorboy]

So if I was thinking about re-financing my home to get a lower rate (I'm currently at 3.875) should I wait even longer? I have the day off today and was thinking of heading up to the bank to apply. I seem to recall they have a float-to-lock period where I could wait for an even lower rate if that comes about. Any financial gurus on here seem to think I should wait another month?

[oldpotatoe]

Originally Posted by Tony T

Looking like trading will halt for 15 minutes right after the open (if down 7%). Next if down 15%, but probably won’t drop that low. (Futures have been halted all night at down 5%)

The only positive I see in any of this is a changing of the guard in November.

I agree 100%, however, not sure what any 'new guard' will really DO differently. Yes, the verbage that will be coming out will be more sane, learned..less ignorant, scatterbrained, abusive and intolerant...Less, 'look at me and how great I am', for sure but...

[Tony T]

Originally Posted by oldpotatoe

I agree 100%, however, not sure what any 'new guard' will really DO differently. Yes, the verbage that will be coming out will be more sane, learned..less ignorant, scatterbrained, abusive and intolerant...Less, 'look at me and how great I am', for sure but...

That's what I was alluding to.

[fa63]

Have you used a calculator to see what the payback period of refinancing is going to be? If not, I would suggest doing so. The rates are already near their all-time lows; you might want to run a scenario where you refinance at say 3.000 - 3.250 and see if the numbers make sense. The answer depends on many factors (such as your loan amount, where you are in your current loan, time horizon, refinancing costs, etc.). As an example, we are not sure if we will be staying where we are for more than 5 years, and the refinance numbers based on that are currently not in our favor. If you plan on staying for a long time, then it will probably make sense.

Originally Posted by sailorboy

So if I was thinking about re-financing my home to get a lower rate (I'm currently at 3.875) should I wait even longer? I have the day off today and was thinking of heading up to the bank to apply. I seem to recall they have a float-to-lock period where I could wait for an even lower rate if that comes about. Any financial gurus on here seem to think I should wait another month?

[Tony T]

Dow plunges over 2,000 - worst intraday point decline in history

[colker]

Global recession. F%&/k

[tv_vt]

Originally Posted by sailorboy

So if I was thinking about re-financing my home to get a lower rate (I'm currently at 3.875) should I wait even longer? I have the day off today and was thinking of heading up to the bank to apply. I seem to recall they have a float-to-lock period where I could wait for an even lower rate if that comes about. Any financial gurus on here seem to think I should wait another month?

Get your butt in there today. Get the ball rolling. Time it takes to process your application may see another drop. Find out how often they change the rates. Sometimes it's even on a certain day of the week. If you're using the same bank that already holds the mortgage, ask about having the application fee/closing fee waived or reduced.

Don't know how big your loan is, but 1% could be worth it. Also go to shorter term if rates are better.

Cannot describe how nice it is to have mortgage paid off.

[Jeff N.]

Originally Posted by oldpotatoe

I agree 100%, however, not sure what any 'new guard' will really DO differently. Yes, the verbage that will be coming out will be more sane, learned..less ignorant, scatterbrained, abusive and intolerant...Less, 'look at me and how great I am', for sure but...

I could be wrong but it has always seemed to me that Wall Street cares little about who's in the White House.

[goonster]

Originally Posted by Jeff N.

Wall Street cares little about who's in the White House.

It's not personal, but fiscal policy, pressure on monetary policy, regulation of industry and markets, a steady hand on the wheel steering the vast power of the U.S. executive branch . . . That stuff matters.

[fa63]

Simply looking at average returns, the market has done significantly better under Democratic presidents than Republicans. That said, this is a classic example of correlation not implying causation; there are too many other factors at play other than who is in the White House.

Originally Posted by Jeff N.

I could be wrong but it has always seemed to me that Wall Street cares little about who's in the White House.

[Jeff N.]

Originally Posted by goonster

It's not personal, but fiscal policy, pressure on monetary policy, regulation of industry and markets, a steady hand on the wheel steering the vast power of the U.S. executive branch . . . That stuff matters.

Sure. Regulation (or DE-regulation) certainly matters. I must agree.