The Market is Having the Worst December Since the Great Depression
Author By Sophia VidaPosted on The stock market just experienced its worst Christmas Eve ever in history. The month of December itself is now going down as the worst month of trading since the Great Depression. It seems the government shutdown may have created jitters for traders.
It was a short trading day on December 24th, with the markets closing at 1:00 P.M. ET., but it was enough time to send chaos through the indexes.
Within minutes of the market opening, stocks were plummeting into the red and did not recover. At the closing bell, the Dow Jones was down 653.17 points and closed at 21,792.20. The S&P 500 Index also lost 65.5 points to close at 2,351.10. The latter is down 15.7% for the month while the former is down 15.5%.
Major stocks to see losses were Apple, falling 2.6%, Tesla, falling 7.6%, and Netflix, falling 5%.
Treasury Secretary Steven Mnuchin said on Twitter, “We continue to see strong economic growth in the U.S. economy with robust activity from consumers and business. With the government shutdown, Treasury will have critical employees to maintain its core operations at Fiscal Services, IRS, and other critical functions within the department.”
President Trump tweeted, “The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch – he can’t putt!”
“Another day, another triple digit fall, another Trump tweet. Can’t we all be friends for one day?” remarked Clement Thibault, a senior analyst at Investing.com. “Its widely accepted that stock market returns have very little to do with who’s president, and everything to do with market cycles. I’m really not sure firing Powell or bashing the Fed will serve that goal. The market has never been a fan of uncertainty.”
Disclaimer: We have no position in any of the companies listed and have not been compensated for this article.
