Dow Worst December Since Great Depression – Worst Week in 10 Years – Down 4,387 Points Since Fed Reserve Threats in October
The Dow Jones was down another 415 points on Friday over threats of a government shutdown.
This was the worst week for the market in ten years.
Stocks plunged again on Friday, bringing the Dow Jones Industrial Average’s losses for the week to nearly 7 percent and ending its worst week since the financial crisis in 2008. The Nasdaq Composite Index fell into a bear market and the S&P 500 was on the brink of one itself, down nearly 18 percent from its record earlier this year.
The Federal Reserve’s rate hike on Wednesday drove the losses this week and fears of an extended government shutdown only added to the pain on Friday.
The markets are having their worst December since the Great Depression.
The Dow is now down 4,387 since its last high on October 3rd.
This was also the day Federal Reserve Chairman Jerome Powell promised several more upcoming rate hikes to slow the economy.
The economy was too hot under President Trump — The Fed had to act.
The DOW reached another all-time high on October 3rd reaching 26,829. It was up for the 103rd time since Donald Trump was elected President and 46% since the November 2016 election.
This was clearly too much for the Fed’s Powell who then scared investors with his message that he will raise rates well into next year.
More than $4 Trillion in Wealth has been erased since then!
Trump better fire Jerome Powell or HE WILL BE a one-term president.