Politics - News Analysis

The Stock Market Just Had It’s Worst Christmas Eve in HISTORY and Officially Enters a Bear Market

Merry Christmas everyone, although if you have any money in the stock market or a 401(k), it might not be so merry.

The Dow Jones Industrial Average had its worst recorded Christmas Eve day of trading Monday, dropping more than 640 points, while the S&P 500 dropped over 50 points. Last week was the index’s worst in 10 years — since the 2008 financial crisis.

The tech-heavy NASDAQ was also getting crushed, ending the day more than 5 percent lower at 6,193. It crossed into bear territory last week for the first time since the 2008 recession, which means it is down more than 20 percent from its record high on Aug. 29.

The continued market decline followed tweets from Donald Trump attacking the Federal Reserve.

“The only problem our economy has is the Fed,” Trump said, comparing the central bank to a golfer with no short game.

Reports that Trump was considering firing Fed chief Jerome Powell exacerbated an already dour mood on Wall Street, where traders are concerned about a mounting trade war with China, slowing economic growth in the U.S. and abroad, the partial government shutdown and heightened geopolitical risk.

Markets are on track to have their worst December since 1931, at the height of the Great Depression. They are in the red for the entirety of 2018.

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According to CNBC, the second worst Dow performance on Christmas Eve was over 30 years ago, in 1985, when it fell just over 0.6 percent. Monday’s close drop amounted to 2.9 percent.

Markets closed at 1:00 pm on Monday for the Christmas holiday, and will remain closed on Tuesday.

Twitter had a field day:

Also, it should be noted that whenever the stock market goes up Trump takes the credit:

Melania Trump even once got in on the action, slamming Obama when the stock market was down 312 points:


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