U.S. stocks fell sharply Monday amid mounting concerns about the state of the global economy and a likely Federal Reserve rate hike this week.
The Dow Jones industrial average closed 507 points lower Monday, a 2.1 percent loss, while the Nasdaq Composite dropped 2.3 percent.
Monday’s sell-off was a foreboding start to a pivotal week for the battered U.S. stock market, which has dropped steadily throughout the second half of 2018.
And it’s looking like it will be a bad December as well.
Both the Dow Jones Industrial Average and the S&P 500 are on pace for their worst December performance since 1931, when stocks were battered during the Great Depression. The Dow and S&P 500 are down 7.8 percent and 7.6 percent this month, respectively.
December is typically a very positive month for markets. The Dow has only fallen during 25 Decembers going back to 1931.
The S&P 500 averages a 1.6 percent gain for December, making it typically the best month for the market, according to the Stock Trader’s Almanac.
While the S&P 500 began dissemination in 1950, the performance data was backtested through 1928. It’s worth noting that historically, the second half of December tends to see gains.
Donald Trump has been very quiet though regarding the stock market slump, which is odd considering he takes credit whenever it goes up:
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 [1]
Stock Market up 548 points today. Also, GREAT jobs numbers!
— Donald J. Trump (@realDonaldTrump) October 17, 2018 [2]
Longest bull run in the history of the stock market, congratulations America!
— Donald J. Trump (@realDonaldTrump) August 22, 2018 [3]
Fantastic numbers on consumer spending released on Friday. Stock Market hits all time high!
— Donald J. Trump (@realDonaldTrump) August 26, 2018 [4]
Stock Market just hit another record high! Jobs looking very good.
— Donald J. Trump (@realDonaldTrump) October 24, 2017 [5]
Stock Market up 5 months in a row!
— Donald J. Trump (@realDonaldTrump) September 1, 2017 [6]
Stock Market hit all time high on Friday. Congratulations U.S.A.!
— Donald J. Trump (@realDonaldTrump) August 25, 2018 [7]
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 [8]
Stock Market hits new Record High. Confidence and enthusiasm abound. More great numbers coming out!
— Donald J. Trump (@realDonaldTrump) November 30, 2017 [9]
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 [10]
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 [11]
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 [12]
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 [13]
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 [14]
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 [15]
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 [16]