Thursday the Dow Jones Industrial Average fell below 23k, closing almost 500 points down, for the first time in fourteen months, Fox News Business reported.
According to the article “selling accelerated,” after Speaker of the House Paul Ryan announced that President Trump had no intention of signing a Continuing Resolution that funded the Federal Government, until February 8th, 2019.
The Wall Street Journal reported that the Nasdaq is flirting with bear market territory closing at 6528 or 1.6 percent down.
The article goes on to say, that “if it were to close at or below 6487.75,” the index, “would be the first of the major three U.S. stock benchmarks to end a bull-market run that kicked off in wake of the financial crisis in March 2009.”
According to both Fox Business News and the Wall Street Journal report that some of the sell-off is a result of the Federal Reserve raising interest rated for a fourth time.
Treasury Secretary Steven Mnuchin told Fox Business that the market-sell off is “completely overblown,” he added, “I think that the market was disappointed in the Chairman’s comments.”
The Wall Street Journal notes that stocks have fallen “around the world,” fueled they say by “trade tensions between the U.S. and China and a slowdown in growth. Technology stocks, in particular, have been battered in the fourth quarter on signs on slowing revenue growth.”