Dow Suffers Record-Breaking Christmas Eve Losses
"The stock market was only open for half a day Monday, and that was more than
enough time for the Dow Jones Industrial Average to drop 2.9 percent to 21,792.20, breaking 1918's record for the worst Christmas Eve performance."
"Other U.S. indexes fell too. The Nasdaq lost 2.2 percent to 6,192.92. The Standard & Poor's 500 index fell 2.7 percent to 2,351.10."
"U.S. stocks are on track for their worst year since 2008, which was during the Great Recession, and their worst December since 1931, which was during the Great Depression."
"The markets have been dealing with concerns of a slowing global economy, the trade dispute with China and last week's interest rate increase — the fourth by the Federal Reserve this year."
"Over the weekend, reports surfaced that President Trump was asking advisers if he could legally fire Fed Chairman Jerome Powell. Trump nominated Powell last year to take over the Fed, but since interest rates began rising, Trump has upped his rhetoric against Powell."