1.5 TRILLION Net Wealth Lost In 15 Days!
It’s never about America, when it comes to this fraud. It’s not about telling the truth about our economy or about the accepting responsibility for 93.8 million unemployed Americans. It’s only about this egomaniac and his false legacy…
The stock market route is starting to get really expensive – destroying $2.3 trillion from the market’s top last year and $1.5 trillion in net wealth just this year.
The giant companies that predominantly populate the Standard & Poor’s 500 have fallen an average of 9.2% this year — which when translated into dollars — is real money. Real big money. The S&P 500 is down 8.1% this year already — including another 2.3% Friday — in what’s been one of the worst starts to a year ever. Since the market peak on May 21, 2015, the market has declined 11.9%.
Here’s our Liar In Chief, who’s clearly more concerned about his legacy than the actual truth:
Latest on markets:
The biggest wealth destroyers in the S&P 500 from the high have been gadget maker Apple (AAPL), pipeline company Kinder Morgan (KMI) and corporate software company Oracle (ORCL) – crushing $224 billion, $63 billion and $49.6 billion in market value, respectively, from the May 21, 2015 top.
S&P 500 STOCKS THAT DESTROYED THE MOST SHAREHOLDER WEALTH FROM THE MAY 21, 2015 TOP
Company, Symbol, % lost from high, $ market value erased from the high ($ billions)
Apple, AAPL, -26.9%, -$224.4
Kinder Morgan, KMI, -69.5%, -$63.5
Berkshire Hathaway, BRKA, -22.7%, -$49.6
Wal-Mart Stores, WMT, -13.3%, -$47.5
Qualcomm, QCOM, -18.3%, -$46.4
Source: S&P Capital IQ, USA TODAY
This year, most of the money is being shredded by the giant companies that many U.S. investors loaded up on during the bull including gadget maker Apple, online retailer Amazon.com (AMZN) and online advertising firm Alphabet (GOOGL).
When it comes to destroying market value, Apple is in a class of its own. The company has erased a staggering $51.1 billion in investor wealth this year following its 8.8% decline this year to $96 a share. More than $200 billion in market value has been erased by just this one stock from the market high – which is more than a vast majority of big companies are worth.
Red hot retailer Amazon is down a whopping 16% this year — after more than doubling in value in 2015. That means investors in Amazon are down $49 billion this year.
Google’s parent Alphabet is also taking the shredder to investors’ money — falling 8.6% this year to $46.2 billion.
When you see how much money is being erased by the biggest companies — you can see why this sell-off is getting uncomfortable … and expensive.
Nothing’s changed in the past 6 years. He’s still lying. Too bad our friend, Rep. Joe Wilson (R-SC) wasn’t available for comment at this year’s SOTU.
S&P 500 STOCKS THAT DESTROYED THE MOST SHAREHOLDER WEALTH THIS YEAR
Company, Symbol, % lost YTD, $ market value erased YTD ($ billions)
Apple, AAPL, -8.8%, -$51.1
Amazon.com, AMZN, -15.6%, -$49.3
Alphabet, GOOGL, -8.6%, -$46.2
Microsoft, MSFT, -7.8%, -$34.4
JPMorgan Chase, JPM, -13.4%, -$32.7
Facebook, FB, -9.9%, -$29.4
Wells Fargo, WFC, -9.9%, -$27.5
Citigroup, C, -17.4%, -$26.9
General Electric, GE, -8.4%, -$24.6
Bank of America, BAC, -14%, -$24.5
Intel, INTC, -14%, -$24.5
Cisco Systems, CSCO, -11.8%, -$16.2
Home Depot, HD, -9.3%, -$15.6
Source: S&P Capital IQ, USA TODAY