Big Three Downplay Stumbling S&P’s ‘Worst-Ever’ First 16 Trading Days

The Dow Jones industrial common took an icy plunge of greater than 1,000 factors on Monday — its worst begin “ever” — however ABC, NBC, and CBS selected to whitewash the surprising information and gave the story simply minutes of protection. 

Bloomberg Information reported on Monday that “[t]he inventory market has by no means been down this a lot 16 buying and selling days right into a yr.” The surprising drop of 11 p.c was “probably the most on file at this juncture, in keeping with Bloomberg information that goes again over 9 a long time.” That is scary information for People already gravely involved about job numbers and inflation, however apparently it was no huge deal to the Massive Three nightly information networks. NBC, CBS, and ABC downplayed the information on Monday evening and nearly fully ignored it on Tuesday night.

NBC and CBS spun the inventory fall as a “beautiful comeback,” and ABC modified only one phrase of their speaking factors, calling it a “beautiful rebound.”

NBC’s Lester Holt reported on Monday:

Fears about Ukraine and inflation despatched the inventory market plunging for some time at this time, the Dow dropping greater than 1,000 factors. However then, take a look at this, a beautiful comeback, truly closing up nearly 100 factors. However the experience might not be over. [Emphasis added].

CBS’s Norah O’Donnell hurled a nearly an identical response on Monday evening, at first claiming that it was “a wild day on Wall Road – the beautiful comeback after the Dow dropped 1,000 factors.” [Emphasis added].

ABC World Information Tonight’s David Muir barely acknowledged the 1,000 level stomach flop: 

To the financial system tonight, and a wild day of buying and selling for the market. The Dow plunging greater than 1,000 factors at one level over issues over inflation, doable rate of interest hikes, and Ukraine. The Dow then making a beautiful rebound simply earlier than the closing bell late at this time, ending up 99 factors in spite of everything, closing at 34,364. [Emphasis added].

That’s it. Muir gave lower than 20 seconds of protection on the “[w]orst-ever begin” the S&P 500 has skilled. He coated a feel-good story on Samaritan UPS driver for nearly two minutes — roughly 10 instances longer than the financial information. CBS and NBC additionally gave strikingly comparable explanations for the greater than 1,000-point drop. 

O’Donnell doubled-down on the spin:

Properly, it was a roller-coaster experience of a day within the inventory market. Fears over what’s occurring in Ukraine together with questions over the Federal Reserve’s plan to curve inflation despatched shares right into a free fall with the Dow down greater than 1,000 factors by simply after midday. However after a late-day rally, all three indexes closed up in constructive territory. [Emphasis added].

NBC reporter Tom Costello likewise claimed:

Driving the volatility, concern a few potential Russian invasion of Ukraine and the worldwide financial fallout, whereas at house company earnings are coming in, as inflation hits forty-year highs, driving costs larger from the grocery aisles to automotive tons. [Emphasis added].

 

Tuesday evening’s protection was even worse. CBS and NBC completely omitted protection of the inventory drop and as a substitute coated Tom Brady’s retirement and a message in a bottle found in Eire. ABC coated the “wild swings on Wall Road” for simply over a minute.

The Dow once more dropped “800 factors at its session low” on Tuesday.

Conservatives are beneath assault. Contact ABC Information at (818) 460-7477, NBC Information at (212) 664-6192, and CBS Information at (212) 975-3247, and demand they cease deceptive the American public on Monday’s historic inventory plunge.