Monday, December 24, 2018

Dow Jones Plunges More Than 600 Points; Worst Christmas Eve Downside Action-- Ever

Following more tweets from President Trump attacking the Federal Reserve Board and Fed chairman Jay Powell, and unusual crisis actions by Treasury Secretary Steven Mnuchin, including convening today via conference call the Plunge Protection Team, the stock market has reacted with more declines.

The S&P 500 index fell by 2.7% Monday, marking the first Christmas Eve that the index has taken a loss of 1% or greater — ever.

The Dow Jones Industrial Average finished down 653 points, or 2.9%, representing its worst such decline on this day in the 122-year-old blue-chip index’s history.

The same downside action occurred with Nasdaq Composite Index, with the benchmark logging a 2.2% loss, marking the worst Christmas Eve drop for this index, with the next worst drop the 0.95% decline logged in 1973.


1 comment:

  1. Maybe the trading algos don't understand most traders are probably on "vacation" and were volume/liquidity hunting which resulted in the decline.