After a weekend of market-rattling statements by President Donald Trump and Treasury Secretary Steven Mnuchin and the beginning of a federal government shutdown, the S&P 500 ended an abbreviated Christmas Eve trading session in bear market territory.
The index was down 2.71 percent at 2,351.10 at the close Monday — a 20.06-percent fall from the Sept. 21 intraday high of 2,940.91.
The Dow Jones Industrial Average was down 2.21 percent at 6,192.92 at the close, while the Nasdaq fell 2.91 percent to 21,792.20.
Trump continued his criticism of Federal Reserve Chair Jerome Powell and the Fed's monetary policy during Monday's trading session:
The only problem our economy has is the Fed. 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!
— Donald J. Trump (@realDonaldTrump) December 24, 2018
Mnuchin issued a statement Sunday detailing phone calls held with the CEOs of the six largest American banks while the treasury secretary vacations in Cabo San Lucas, Mexico. The conversations confirmed that "ample liquidity is available for lending to consumer and business markets," he said.
Monday marks the first Christmas Eve in history where the S&P 500 has fallen 1 percent or more, according to MarketWatch.
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