Dow dives 653 points to below 22,000, S&P 500 enters bear market -- worst Christmas Eve ever

[Yo_Mama_Been_Loggin]

U.S. stocks plunged on Monday in their worst Christmas Eve trading ever, as the S&P 500 entered a bear market.

The Dow Jones Industrial Average dropped by 653 points Monday in volatile trading, falling below 22,000. The Dow sank more than 2 percent, then recovered nearly all of the day’s losses, before again falling more than 2 percent. The S&P 500 fell 2.7 percent, slipping into a bear market as it fell 20.06 percent from recent highs. Wall Street traditionally considers a drop of 20 percent or more from recent highs to be a bear market. The Nasdaq Composite Index slid 2.2 percent.

Markets responded to turmoil in Washington. Multiple reports said President Donald Trump is discussing how to remove Jerome Powell from his position as chairman of the Federal Reserve. That discussion, as well as the recent market volatility, spurred Treasury Secretary Steven Mnuchin to call the leaders of the six largest U.S. banks over the weekend. Additionally, Defense Secretary James Mattis announced he would step down at the end of February, saying his views do not align with the president’s.

Trump resumed his attack on the Fed on Monday, tweeting that the central bank is “the only problem” with the U.S. economy.

“They don’t have a feel for the Market,” Trump said in the tweet.
All 11 sectors of the S&P 500 are now negative for December, the fourth quarter and the full year.

https://www.msn.com/en-us/money/markets/dow-dives-653-points-to-below-22000-sandp-500-enters-bear-market-worst-christmas-eve-ever/ar-BBRmC0r?li=BBnb7Kz

Trump is running the country like he ran his businesses.

[roamer65]

1. Dump is ruining the country like he has ruined his businesses.

There...sounds better as a last sentence.

[Doreen]

2. He did say during his campaign that a country needs to be run just like a business.

Unfortunately he meant like his businesses.

[at140]

3. I disagree completely with Trump that FED is to blame

It is the same old reason why stocks crash...over-valuation!
Stocks before the recent decline were MORE OVER-Valued than before
the crash of 1929. Here is the chart which shows that clearly....

http://www.multpl.com/shiller-pe/

[Yo_Mama_Been_Loggin]

4. Correct. The rate adjustment by the Fed has been rather minute

You don't get that kind selloff as a result. Trump's looking for another distraction.