Both major stock indexes nosedived on Monday in the worst day of Christmas Eve trading ever following tweets from President Donald Trump criticizing the Federal Reserve, according to CNBC
The plummet followed a tumultuous few days in Washington, amid reports that Trump was discussing how to remove Federal Reserve Chairman Jerome Powell.
The Dow Jones Industrial Average dropped 653 points, falling below 22,000, on Monday and the S&P 500 entered a bear market after tanking more than 20 percent from a previous high.
A bear market occurs after a drop of 20 percent or more following a recent high, and is usually associated with long-lasting declines in the stock market, according to CNBC
The drop came after a 52-week high, CNBC reported.
Bloomberg posted an article this morning describing the Collateralized Loan Obligation
market as “Wall Street’s Billionaire Machine.” But I seem to recall that the CLO market was one of the financial nuclear bombs that blew up and triggered the financial system de facto collapse in 2008. Well, it’s back – with a vengeance. Of course the taxpayers were once again sold a bill of goods never delivered when it was promised that the Dodd-Frank farcelegislation would “protect” the system from the re-development of these financial weapons of mass destruction…