WASHINGTON, July 11, 2017 – In yet another consequence of essentially fake news, Wall Street experienced what could charitably be termed a mini “flash crash” at approximately 11:30 a.m. ET on Tuesday. The “news”? Donald Trump Jr. released a batch of emails dealing with an encounter he had in the summer of 2016 with a Russian attorney who claimed she had information/emails that would prove damaging to the Clinton campaign.
The Dow Jones Industrial Average plunged approximately 100 points almost instantly after the story hit the wires. But within 30 minutes, the DJIA – along with other market averages – had recovered to the point where it had stood prior to the release, roughly flat on the trading day.
The story of Donald Trump Jr.’s brief contact with Russian attorney Natalia Veselnitskaya was in the news over the weekend, courtesy, as usual, of the relentlessly pro-Hillary, anti-Trump New York Times. The subsequent “email chain” release this morning was Trump Jr.’s rapid response to what amounts to another news “nothingburger,” as the verified, brief contact had been pushed to the younger Trump by a PR flak.
(To read the most crucial emails in the chain and for a longer, legal discussion on this latest anti-Trump political nonsense, check out this detailed article – penned by veteran attorney John Hinderaker – via PowerLine.)
The brief meeting that actually occurred produced zero information from the “source” after Trump Jr. queried her and discovered she had no information of any kind. At that point, the already brief meeting was terminated. It’s not even certain at this point that she had ties to the Russian government to begin with, as she tries to explain today in an otherwise typically anti-Trump NBC News piece.
According to an equally overhyped CNBC article on the email release, Wall Street traders – likely led by HFT supercomputers, which trade on rumors and headlines rather than on stock fundamentals – briefly freaked out:
“‘People just got spooked by that. Selling begot more selling,’ said Jeremy Klein, chief market strategist at FBN Securities. ‘This isn’t anything we didn’t know.'”
In other words, in half an hour or less, stocks returned to the uncertain pattern they’d developed earlier Tuesday morning. As of 1:20 ET today, business continues as usual. Meanwhile, Donald Trump Jr. will be interviewed by Sean Hannity on the Tuesday evening edition of “Hannity” on Fox News. The interview is set to air at 10 p.m., according to Fox.
Clearly, it didn’t take long for professional traders and investors to realize this content-free story is yet another New York Times/MSM clickbait drill designed to keep the anti-Trump Russia Meme going long past its sell-by date.
*Cartoon by Branco. Reproduced with permission and by arrangement with LegalInsurrection.