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.
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!
— Donald J. Trump (@realDonaldTrump) December 24, 2018 
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.
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:
The stock market (DJIA) has fallen yet another two thousand points this week. If it falls another two thousand points, it'll be lower than the day Trump took office. His failure is nearly complete.
— Palmer Report (@PalmerReport) December 24, 2018 
— (((DeanObeidallah))) (@DeanObeidallah) December 24, 2018 
The DOW is now lower than it was 17 months ago. Just like that 17 months of gains have been wiped out because of Trump.
Just a reminder, Obama's stock market was up close to 40% at his point in his Presidency
— Brian Krassenstein (@krassenstein) December 24, 2018 
This stock market crash took a couple weeks but it is a full on crash now.
Shame on Wall Street for keeping the bubble inflated this long when they knew exactly how reckless and stupid Trump's tariffs and tax cuts really were.
— Wheelchair Jerry (@BostonJerry) December 24, 2018 
SO MUCH WINNING!
Stock market down 4000 Points in 10 weeks
North Korea Says they will NOT denuclearize
Iran and Russia to Control Syria
17 Investigations into the President/his businesses/his family
Trump Government shutdown
I’d hate to see what “losing” looks like.
— Brian Krassenstein (@krassenstein) December 23, 2018 
Also, it should be noted that whenever the stock market goes up Trump takes the credit:
Looks like another great day for the Stock Market. Consumer Confidence is at Record High. I guess somebody likes me (my policies)!
— Donald J. Trump (@realDonaldTrump) November 29, 2017 
Stock Market up 548 points today. Also, GREAT jobs numbers!
— Donald J. Trump (@realDonaldTrump) October 17, 2018 
Longest bull run in the history of the stock market, congratulations America!
— Donald J. Trump (@realDonaldTrump) August 22, 2018 
Fantastic numbers on consumer spending released on Friday. Stock Market hits all time high!
— Donald J. Trump (@realDonaldTrump) August 26, 2018 
Stock Market just hit another record high! Jobs looking very good.
— Donald J. Trump (@realDonaldTrump) October 24, 2017 
Stock Market up 5 months in a row!
— Donald J. Trump (@realDonaldTrump) September 1, 2017 
Stock Market hit all time high on Friday. Congratulations U.S.A.!
— Donald J. Trump (@realDonaldTrump) August 25, 2018 
Stock Market at new all-time high! Working on new trade deals that will be great for U.S. and its workers!
— Donald J. Trump (@realDonaldTrump) July 15, 2017 
Stock Market hits new Record High. Confidence and enthusiasm abound. More great numbers coming out!
— Donald J. Trump (@realDonaldTrump) November 30, 2017 
Business is looking better than ever with business enthusiasm at record levels. Stock Market at an all-time high. That doesn't just happen!
— Donald J. Trump (@realDonaldTrump) August 3, 2017 
Stock Market hit another all-time high yesterday – despite the Russian hoax story! Also, jobs numbers are starting to look very good!
— Donald J. Trump (@realDonaldTrump) July 15, 2017 
It would be really nice if the Fake News Media would report the virtually unprecedented Stock Market growth since the election.Need tax cuts
— Donald J. Trump (@realDonaldTrump) October 11, 2017 
Stock Market hits an ALL-TIME high! Unemployment lowest in 16 years! Business and manufacturing enthusiasm at highest level in decades!
— Donald J. Trump (@realDonaldTrump) October 5, 2017 
Consumer Confidence is at an All-Time High, along with a Record High Stock Market. Unemployment is at a 17 year low. MAKE AMERICA GREAT AGAIN! Working to pass MASSIVE TAX CUTS (looking good).
— Donald J. Trump (@realDonaldTrump) December 12, 2017 
Unemployment is down to 4.1%, lowest in 17 years. 1.5 million new jobs created since I took office. Highest stock Market ever, up $5.4 trill
— Donald J. Trump (@realDonaldTrump) November 4, 2017 
Melania Trump even once got in on the action, slamming Obama when the stock market was down 312 points:
Dow finishes its worst day in a year, down 312 points. S&P and Nasdaq both fall nearly 2.5%. Obama 4 more years?????
— MELANIA TRUMP (@MELANIATRUMP) November 7, 2012