Wall Street hoped for a Santa Claus rally but instead got a Yuletide massacre on Monday — with the Dow collapsing by 653 points, a 2.9 percent plunge that marked the worst Christmas Eve in its 122-year history.
And Wall Street is now on track for its most dismal December since 1931, when the markets lost 14.53 percent in the throes of the Great Depression.
The Dow is down 4,034 points — a staggering 13.63 percent — for the month with only a handful of trading days left in the year and no solution to the government shutdown in sight.
The widely watched index closed at 21,792, down from the 2018 high of 26,828 on Oct. 3 — nearly a 19 percent drop.Investors and traders were hoping for a Santa Claus rally, a historical trend where stocks usually climb in the last weeks of December.
But that seemed unlikely following Monday’s rout, which analysts blamed on President Trump’s trade war and his attacks on Fed chief Jerome Powell for raising interest rates, the government shutdown, a slowing global economy and White House chaos in general.