Pop financial reporters are worse than useless. “Stocks tumble on oil fear.” But nothing announced was a surprise. Some chunk of this “turmoil” is the market preparing for the Fed to announce its first prime rate hike since TARP and the end of 0% financing for banks, but you have to dig to find any mention of that development.
Day traders aren’t watching those numbers scrolling across the screen hoping to catch a ticker they’re invested in. Retirement investors don’t (or at least shouldn’t) care where the DOW and NASDAQ are any given day. Reporters’ rationalizations of our complex markets tend to try to explain them in terms of “rallies” and “slides” tied to interesting but tangentially related news of the day. It’s often a false narrative that serves to make our citizens less informed than before they flipped to the channel.
No one is actually using this TV and Yahoo News data, because anyone with their money where there mouth is has much better sources with thoughtful research and proven track records. In the Internet age, why do we pretend TV finance segments are still useful?
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