Dow Falls 650 as Sell-Off Continues - LIVE COVERAGE
The stock market just booked its ugliest Christmas Eve plunge — ever
Santa is a no-show? S&P 500, Dow, Nasdaq all plunge ahead of holiday market closure
24 December, 2018
Stocks Hit 20-Month Low as D.C. Turmoil Weighs: Markets Wrap
- Trump team attempts to assure markets over Powell, liquidity
- Many exchanges are shut or will close early on Christmas Eve
24 December, 2018
U.S. stocks fell to the lowest since April 2017 as the turmoil in Washington rattled financial markets anew, pushing the S&P 500 to the brink of a bear market. Crude sank below $45 a barrel and the dollar tumbled.
“The reality is, in Washington you have this massive amount of unpredictability,” Chad Morganlander, portfolio manager at Washington Crossing Advisors, said on Bloomberg TV. That combines with concerns over global growth and removal of stimulus “gives investors this level of chill where they’re going to compress multiples regardless of what the backdrop in 2020 will be,” he said.
- Congressional leaders left Washington for Christmas holiday
- Both sides warn partial shutdown could last into January
As the partial U.S. government shutdown enters a third day, lawmakers have left Washington for the Christmas holiday with no sign of urgency to resolve the fight over President Donald Trump’s demand for border wall money.
Unlike shutdowns of the past, Congress and the White House aren’t racing to reopen the government. Offices of congressional leaders who are responsible for negotiating with the president are shuttered as Trump remains at the White House after canceling a trip to his Mar-a-Lago resort in Florida.
Previous government closures have put Washington in crisis mode with round-the-clock talks, strategy sessions and public posturing. Not so, this time. The next possibility for votes in the House and Senate is on Dec. 27, but Democrats have indicated the two sides are far from a deal. If there’s no agreement, many lawmakers won’t return until the new session of Congress starts on Jan. 3, when Democrats take control of the House.
Democrats said Monday they’re having trouble negotiating with the Trump administration. “Different people from the same White House are saying different things about what the president would accept or not accept to end his Trump Shutdown, making it impossible to know where they stand at any given moment,” House Democratic leader Nancy Pelosi and Senate Democratic leader Chuck Schumer said in joint statement.
The president has been attacking Democrats over the wall on Twitter, and continued on Monday. “I am all alone (poor me) in the White House waiting for the Democrats to come back and make a deal on desperately needed Border Security,” Trump wrote. In a later tweet, he said the administration just awarded a contract for a section of wall in Texas and that “Democrats must end Shutdown and finish funding.”