On Monday, the Dow Jones’ Industrial Average has dropped down to about 653 points, which has fallen below 22,000. As for the S&P 500, they have entered the bear market after taking more than 20% from the last high.
The bear market occurs after having a drop of 20% or more that follows the recent high. This is usually associated with long declines in the stock market. The drop came after the 52-week high.
Nasdaq has fallen around 2.2%, while the bond prices have increased. Also, the yield at the 10-year treasury note has also dropped to about 2.74%.
On Monday, Trump tweeted a criticism at the Federal Reserve.
According to his tweet, he said that the only problem that the economy has is the Fed. He also stated that the Fed doesn’t have experience on the market and that they don’t understand the Strong Dollars, Democrat Shutdowns, or even Trade Wars over the border. He also said that the Fed is like a dominant golfer who doesn’t know how to score.
The officials have spent the weekend trying to assure the financial and public markets that the job of Powell as Fed Chairman is safe.
The House Minority Leader Nancy Pelosi, D-Calif., Senate Minority Leader Chuck Schumer, and D-NY have shortly released a joint statement after the market’s close reprimanding the President.
The statement read, “It’s Christmas Eve, and President Trump is doing nothing but making the country fall into chaos. The stock market is failing, and the president is carrying on a personal war on the Federal Reserve, after firing the Secretary of Defense.”
Monday’s market has closed early in the middle of light trading before Christmas.
The last worse Christmas Eve market was during 1985 when both indexes fell over .6%.