NewsBusters

FLASHBACK: Arquette Called for ‘Economic Shutdown’, Dow/S&P Hit ‘Biggest Point Gain Ever’

So how did that March 2, “economic shutdown” work out for actress Patricia Arquette?

Just recently, the lefty star took to Instagram to call on her 146,000 followers to cause an “economic shut down” on March 2, by not purchasing “anything” that day. After coronavirus fears had already caused drastic drops in the market, the Dow Jones Industrial Average spiked 1,294.3 points, for its “biggest point gain ever,” according to CNBC March 2. But that wasn’t all. The S&P 500 also had its “biggest point gain ever,” roaring 136.01 points on Monday.

Talk about an Instagram post not aging well.

CNBC noted that 10.8 billion shares were traded Monday, “above its [US Composite Volume] 50-day average volume of 6.63 billion.” [Emphasis added.]

CNBC’s markets and investing reporter Yun Li said around 4:20 p.m. March 2, that “The 30-stock benchmark [ Dow] snapped a seven-day losing streak, and with Monday’s rally, it recovered more than 40% of its losses from Feb. 19 close to Friday’s intraday low.” [Emphasis added.]

Arquette had posted what appeared to be a screenshot of a February 15 tweet that read: “A REMINDER: Please contact everyone you know. On Monday, March 2nd, we’re going to have an Economic Shutdown.” The babbling continued: “#Shutitdown It’s easy. DO NOT SPEND ANY MONEY ON ANYTHING ANYWHERE. Our goal is to cause a $238.2 billion dollar blip on the federal government’s records.” [Emphasis added.]

Looks like the markets shut down #shutitdown.

 

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