On Monday, there was a decline of more than 650 points in the Dow Jones Industrial Average which according to the experts was the worst in the trading session of the Christmas Eve in the history of the country.
This was after the comments by the treasury secretary which had raised eyebrows on the matter of the increasing trade with China. Apart from that this was also amid the concerns for the slowing of the economic growth.
For the current fiscal year, the stocks are in negative. The Dow Jones has experienced a fall of about thousands points from its high which was nearly at 27,000 points.
The Dow had ended at 21,792 points which was about 653 points lower than the high and the trading session that was ahead of the Christmas holiday. The fall was of nearly 10 percent when comparing it with the previous week.
The head trader of the United States Global Investors, Michael Matousek stated to ABC News that according to him this is the worst 24th of December in the history.
He further added that there has not been a worse eve of Christmas ever since he started his journey in the industry, 22 years ago.
According to ABC News, this previous week was the worst in about 10 years when there was financial crisis in the year 2008.
NASDAQ which is the tech-heavy witnessed a fall by more than 5 percent. It reached the value of 6,193. The index crossed its bear territory for the first time after the recession of 2008 last week.
This therefore means that NASDAQ is down by more than 20 percent from the value of 29th of august when it had recorded its high.
The attacks by the president of the United States, Donald Trump were also renewed on the Federal Reserve which have now become predictable because of the the not so good performance by the stock market.
Source: ABC News, Yahoo
