Wall Street Witnesses Worst Christmas Ever! Dow Falls 653pts., S&P500 Enters Bear Market
Volatility has hit the US stock markets starting from the rate hikes, government shutdown then a discussion of firing Fed's Chairman.
On Monday, December 24, 2018, Dow Jones dropped by 653 points or 2.91% in volatile trading, falling below 22,000. The S&P 500 plunged by 2.7% to a bear market, while Nasdaq slid 2.2%.
Last week the Dow lost 1,655 points, or 6.8%. That was the Dow’s worst week of trading since October 2008 during the financial crisis. The S&P 500 also lost 7% for the week. The Nasdaq Composite is now 22% below its record reached in August and is in a bear market.
It was considered the worst Christmas Eve ever to those who celebrate the day. In a turmoil of government shutdown, it has been reported that President Donald Trump are also in a discussion of removing Fed’s Chair Jerome Powell after upsetting the president with too many rate hikes which, as a consequence, plunged the stock market.
Earlier, analysts projected that the shutdown would last to at least December 27, but as time goes by and there is no sign of any compromise between two parties, the shutdown may continue over the year.
In Asia markets, NIKKEI plunged 4.63%, SSEC downed 1.12%, HSI skidded 0.40%, KOSPI slipped 0.31%, but ASX 200 standout two days straight amid all falling market to gain 0.48%.
Yesterday, SET closed its wild session at 1,591.29 points, downed 4.04 points or 0.25% with ฿27.6 billion.