Not very merry: U.S. stocks plunge before Christmas

From the Associated Press and posted by our media partner at WOOD TV:

AP - President Donald Trump's attack on the Federal Reserve spooked financial markets on Christmas Eve, raising fears about an uncertain future should the White House try to undermine or remove the head of the U.S. central bank.

Treasury Secretary Steven Mnuchin calls to the top executives at six major banks Sunday in an attempt to stabilize jittery markets had the opposite effect.

The major indexes on Wall Street fell another 2 percent Monday, making it very possible that the market will end this month as the worst December for stocks since 1931.

The market has been roiling for most of the month over concerns about a  slowing global economy, an escalating trade dispute with China and recent interest rate hike by the Federal Reserve.

The past two trading days, however, have been dominated by something else: major losses immediately following tweets from the president criticizing Fed Chairman Jerome Powell and the central bank, which sets monetary policy for the nation.

Click for more on the story courtesy of our media partner at WOOD TV.


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