Markets Plummet in Worst Christmas Eve Trading Day Ever - NBC 10 Philadelphia
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Markets Plummet in Worst Christmas Eve Trading Day Ever

The Dow Jones dropped by 653 points and the S&P 500 fell 2.7 percent, entering a bear market

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    NEWSLETTERS

    Rocky Week on Wall Street

    Private wealth adviser Derrick Kinney talks to NBC 5 about the worst December for the stock market since the Great Depression. (Published Monday, Dec. 24, 2018)

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

    The Dow Jones Industrial Average dropped by 653 points, falling below 22,000. The S&P 500 fell 2.7 percent and the Nasdaq Composite Index slid 2.2 percent. 

    The New York Stock Exchange closed early at 1 p.m. ET Monday. The exchange will be closed Tuesday for Christmas and reopened on Wednesday. 

    Investor confidence has been weighed down by turmoil in Washington, and the markets responded. 

    Clerk Pulls Out Machete on Would-Be Robber

    [NATL] Clerk Pulls Out Machete on Would-Be Robber

    A would-be robber armed with a knife had a surprise in store when an Alabama store clerk pulled out a machete in defense. The two's brief knife fight was caught on camera before the clerk runs out to damage the robber's car.

    According to police, suspect Seth Holcomb walked up to the counter to make a purchase. He leaves the store and then comes back in as if to make a second purchase. Then, he pulled out a knife at the counter. What he didn't expect was that the clerk would pull out a machete of his own.

    (Published Wednesday, March 20, 2019)

    Multiple reports said President Donald Trump wants to fire Fed Chairman Jerome Powell, whom he nominated to replace predecessor Janet Yellen, for raising interest rates. 

    Trump lashed out at the Federal Reserve Monday after administration officials spent the weekend trying to assure the public and financial markets that  Powell's job as Fed chairman was safe.

    "The only problem our economy has is the Fed," Trump tweeted. "They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can’t putt!"

    U.S. Treasury Secretary Steve Mnuchin called the CEOs of six major banks Sunday in an apparent attempt to reassure jittery financial markets but only accentuated concerns in the markets.

    In an unusual move, Mnuchin disclosed the calls with the heads of Bank of America, Citi, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo in a tweet about the private conversations.

    Mnuchin said the CEOs all assured him they have ample money to finance all their normal operations, even though there haven't been any serious liquidity concerns rattling the market.

    YouTube Mom Accused of Abusing Foster Kids for Clicks

    [NATL] YouTube Mom Accused of Abusing Foster Kids for Clicks

    Machelle Hackney of Maricopa, Arizona, is accused of forcing her adopted children to participate in her YouTube channel and abusing them if they did not recall their lines or perform as directed. Hackney's channel had accrued hundreds of millions of views since she joined in 2012.

    (Published Wednesday, March 20, 2019)

    Worries about slowing economic growth and rising interest rates saddled the U.S. market with its worst week in more than seven year. Barring a turnaround, stocks are now headed for their single worst month since October 2008, when the market was being battered by the global financial crisis. That crisis was triggered by a reckless lending spree that prompted a taxpayer-backed bailout of several U.S. banks.

    But the circumstances are dramatically different now that the U.S. economy has been growing steadily since 2009. Most experts believe the growth will continue in the U.S., but there are signs things are slowing down in Europe and China.

    Dysfunction in Washington isn't helping the situation, with a budget impasse between President Trump and Congress triggering a partial U.S. government shutdown that could last into the new year.