(CNBC)
U.S. stocks plunged on Monday in their worst day of Christmas Eve trading ever, as the S&P 500 entered a bear market.
The Dow Jones Industrial Average dropped by 653 points Monday in volatile trading, falling below 22,000. The Dow sank more than 2 percent, then recovered nearly all of the day’s losses, before again falling more than 2 percent. The S&P 500 fell 2.7 percent, slipping into a bear market as it fell 20.06 percent from recent highs. Wall Street traditionally considers a drop of 20 percent or more from recent highs to be a bear market. The Nasdaq Composite Index slid 2.2 percent.
Markets responded to turmoil in Washington. Multiple reports said President Donald Trump is discussing how to remove Jerome Powell from his position as chairman of the Federal Reserve. That discussion, as well as the recent market volatility, spurred Treasury Secretary Steven Mnuchin to call the leaders of the six largest U.S. banks over the weekend. Additionally, Defense Secretary James Mattis announced he would step down at the end of February, saying his views do not align with the president’s. Read more
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