No Santa rally as Dow continues the decline while Trump takes another shot at the Fed
- US Market
- 2 months ago
The main U.S. indices have once again fallen after a weekend of interesting events in Washington.
Firstly, there were reports Trump intended to fire Fed Chair Jerome Powell, then came Sunday’s meeting of Treasury Secretary Steven Mnuchin holding meetings with the country’s top banks to reassure that the economy is in good shape and to cool investors’ sentiment.
But that has failed to halt the market’s decline as the DJIA fell by 367 points, while the S&P 500 tumbled by 1.6% and is on the edge of a bear market.
The Nasdaq composite meanwhile completed the rout by shedding 0.8%.
That being said President Trump wasted no time to air his views as he continues to lambast the Fed’s decision of a further rate hike.
“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!”
That’s a wrap for Christmas then.
Source: Smart Trend Team