Markets Closes Down More Than 600 Points As Trump Blames Fed For Stock Losses In A Tweet

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The Dow Jones industrial average followed its worst week in a decade with a 653-point drop Monday.

As blue chips sank even deeper into the red after weeks of chaos, Trump tried to assign sole blame for the sell-off to the Federal Reserve, likening the central bank to a golfer who “can’t putt.”

“The only problem our economy has is the Fed,” the president said in a tweet. “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!”

The three major indexes are down for the fourth consecutive session, their worst streak in more than three years. The tech-heavy Nasdaq Composite that was key to the current bull market resides in bear territory. A bear market is 20 percent off recent highs.

The Nasdaq declined 140 points, about 2.2 percent on the day.

The S&P 500 joined the Nasdaq in bear territory, down 65 points, or 2.71 percent, to close at 2,351. All 11 sectors of the S&P were down and are negative for 2018.

Utilities and energy shares were the biggest drags Monday, with energy stocks under pressure from a 35 percent decline in oil prices since October.

December is usually a healthy month for stocks, but this month has been the worst since 1931.

 (c) 2018, The Washington Post · Thomas Heath, Philip Rucker · 

{Matzav.com}

4 COMMENTS

  1. President Trump is 100% right. The Federal reserve is NOT part of the US government it is a private banking cartel. He should audit the Fed and then end the Fed.

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