Fox News Criticized for Graphic Highlighting Gains in S&P 500 After High-Profile Deaths of Black Men

Strategic Insights -

Fox News created and shared a graphic showing significant gains in the S&P 500 following the assassinations of Martin Luther King Jr. and the deaths of Michael Brown and George Floyd, sparking outrage among Democrats and civil rights activists. Rep. Bobby L. Rush called the graphic "outrageous and disgusting," suggesting it implies that black lives can be exchanged for market gain. The graphic pointed to historical instances where stock prices rose after major events, including the police beating of Rodney King and the police shooting of Michael Brown. The Wall Street Journal reported that a 4.9% rise in the S&P 500 in the week leading up to June 5 is typical during times of unrest and uncertainty.

Key Takeaways:

  • Fox News created and shared a graphic highlighting significant gains in the S&P 500 following the deaths of high-profile black men, including Martin Luther King Jr., Michael Brown, and George Floyd.
  • The graphic sparked outrage among Democrats, including Rep. Bobby L. Rush, who called it "outrageous and disgusting."
  • The graphic pointed to historical instances where stock prices rose after major events, including the police beating of Rodney King and the police shooting of Michael Brown.
  • The Wall Street Journal reported that a 4.9% rise in the S&P 500 in the week leading up to June 5 is typical during times of unrest and uncertainty.
  • Fox News showed the graphic during news coverage, rather than one of its commentary shows.
  • The graphic reportedly shows "percentage change" one week after the event.
  • Historically, there has been a disconnect between what investors focus on and what happens across the rest of the country.

Statistics:

  • The S&P 500 rose by 4.9% in the week leading up to June 5 amidst intense protests (Source: The Wall Street Journal)
  • Stocks have often risen in times of upheaval and uncertainty, including during the height of US coronavirus unemployment (Source: Business Insider)
  • The S&P 500 rose by 1.1% following the police shooting of Michael Brown in 2014 (Source: Business Insider)
  • The S&P 500 rose by 3.1% following the police beating of Rodney King in 1992 (Source: Business Insider)
  • The S&P 500 rose by 2.5% following the assassination of Martin Luther King Jr. in 1968 (Source: Business Insider)

Sources:

  • Rep. Bobby L. Rush (@RepBobbyRush), June 6, 2020
  • (https://www.businessinsider.com/?hprecirc-bullet) Visit Business Insider's homepage for more stories
  • (https://www.npr.org/2017/04/26/524744989/when-la-erupted-in-anger-a-look-back-at-the-rodney-king-riots)
  • (https://www.independent.co.uk/news/world/americas/michael-brown-shooting-what-happened-in-ferguson-10450257.html)
  • (https://www.wsj.com/articles/stocks-are-rallying-despite-nationwide-protests-thats-typical-11591349405)
  • (https://www.businessinsider.com/why-stock-market-is-higher-despite-unemployment-coronavirus-job-loss-2020-5)
  • (https://www.businessinsider.com/fox-news-criticized-graphic-stock-gains-george-floyd-black-deaths-2020-6)