Ukraine, Russia, China: U.S. markets continued to lose ground Friday after plunging sharply Thursday as investors turned their attention again to the crisis in Crimea and weak economic data from China. The Dow Jones Industrial Average (^DJI) posted its biggest decline in six weeks Thursday and is off nearly 3% since Jan. 1. The S&P 500 Index (^GSPC) erased all of its gains yesterday and the Nasdaq (^IXIC) is the only U.S. market in positive territory on a year-to-date basis.
Citizens living in Ukraine's Crimea region will vote on a referendum this weekend to secede from Ukraine, an event that could roil global markets. But James Altucher, investor, author and entrepreneur, says what happens in Ukraine has no impact on U.S. growth and the everyday activities of Fortune 500 companies.
"Will all the people who depend on Ukrainian customers suddenly lose their jobs? Will the Ukrainian tourism industry that is so huge in the U.S. collapse?" he writes. "Will Google stop making Google cars? Will Apple not make the next computer? Will people suddenly not need to shop at Walmart? Will they stop using their phones?"
Altucher argues there are very few -- if any -- events that could stop markets from reaching new territory. A steadfast bull, Altucher has said repeatedly on The Daily Ticker that the Dow will hit 20,000. Last March he told viewers that Dow 20,000 could happen this year or early 2015 -- a possibility that does not seem so far off anymore.
"There's so much cash in the system now, and companies are just churning out earnings," he tells Aaron Task and Henry Blodget in the video above. "We won't see a crash."
How does Altucher respond to Blodget's concerns about unsustainable corporate profits? Watch the video to find out!
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