Skip to comments.Stocks Extend Fall Despite Mnuchin Bid to Reassure Investors: Dow drops 2% or more for fifth time
Posted on 12/24/2018 11:43:28 AM PST by reaganaut1
A bruising stock selloff continued, erasing more than 650 points from the Dow Jones Industrial Average as Treasury Secretary Steven Mnuchin tried to instill calm into a jittery market.
Coming off the stock markets worst week since the 2008 financial crisis, the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite fell for a fourth straight session Monday as investors continued to weigh the impact of rising interest rates, slowing U.S. growth, and the ramifications of a government shutdown extending into January.
With the selloff showing little signs of slowing, Mr. Mnuchin attempted to reassure investors, saying he had spoken individually with the chief executives of six large banks to ensure they had sufficient lending capacity.
But Mr. Mnuchins public efforts to soothe investors may have had the opposite effect, analysts said, with banks stocks falling along with most other assets Monday.
Weve gone through situations before where its absolutely normal for the secretary of Treasury to reach out to the private sector, said Quincy Krosby, a chief market strategist at Prudential Financial, who also served several stints in the government earlier in her career.
But whats bad is this made the papers, and says the government is very worried, said Ms. Krosby, adding that with investors focused on so many issues, its almost as if gravity is pulling this market toward a lower level before it bottoms out.
Adding to the markets unease were reports over the weekend that President Trump, angry over monetary policy, has considered removing Federal Reserve Chairman Jerome Powella move that would stir even greater volatility and raise questions around political inference at the central bank, analysts said.
White House advisers, including Mr. Mnuchin, sought to ease those concerns as well, saying the president doesnt have the authority to remove Mr. Powell.
(Excerpt) Read more at wsj.com ...
This is awesome. Money not going into stocks is going somewhere else. :)
The Fed is PURPOSELY trying to tank the stock market in order to hurt President Trump..all part of the swamp’s plan..if they can’t get rid of him due to “Russian Collusion” they will tank the economy to get rid of him
SorozNazi’s last gasp, trying to undermine the USA economy, market ?
Well, I saw no report of volume. I suspect the computers are dealin’ with each other and the third or fourth string traders are all that’s on the floor.
Trump is engaging in his long-standing practice of blaming his own appointees for everything that makes him look bad. LOL.
Trump appointed the fed chairman. If the fed chairman is purposely trying to hurt Trump, then Trump was a fool to put him in there.
For him to complain about Powell now is the equivalent of Trump appointing Dr. Ben Carson to a cabinet post, and then claiming 18 months later that he didn't know Carson was black, or a doctor. LOL.
Mnunchin is an absolute moron. Futures were up 130 last night before his bizarre letter “assuring” investors was released. Whether or not it was all his fault, he (and POTUS) will be blamed for this tank.
The Fed is PURPOSELY trying to tank the stock market in order to hurt President Trump..all part of the swamps plan..if they cant get rid of him due to Russian Collusion they will tank the economy to get rid of him
I think it’s sad that some Freepers, think they are not in the market at all and they are rooting for it to drop. Nice.
It’s not just the Fed; it’s the hedge fund managers, who all are rich lefties. Large money like Soros, Steyer, et al, also are tanking the market to get Trump out in 2020.
Don't you think they'd be smart enough to wait until September 2020?
Busiest Christmas shopping season in a decade or more.
Can’t have that good news for Trump. Tank the market, quick!
Yeah, we know you hate him, no go away.
he surely is one of the most evil people in history, and we hear he’s trained his kids to carry on his mayhem
Also it has to deal with, if you want to call it fraud or just morons putting Dems back in power, the stock market has been dropping since the Dems “Won” Congress back
Speaking of feeling the market!!! Take a look at US Steel!!! Low 17s Hugely profitable. If I had $1,735 dollars I would buy 100 shares and wait till July August 2019 for a nice return on my stock market gamble.
That seemed to be the spark for this.
Deliberate. Mistake he made was picking Globalists, he is now correcting that.
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