US Stocks Dive Again, Worst December Since Great Depression Projected

Fearless Girl statue across from the New York Stock Exchange

USA stock markets again swept downward Monday as the volatility of recent weeks resumed ahead of the holidays. Futures on the Nasdaq 100 Index and Dow Jones Industrial Average also gained as much as 0.7 percent each. The blue-chip barometer is notching its worst month in more than three years.

The S&P 500 index fell 8 points, or 0.3 percent, to 2,591.

The Nasdaq composite index was up 16.16 points to 6800.07. The S&P, the Dow, and the Nasdaq are all set to open about 0.2% to 0.3% higher. A correction is a 10 percent retreat from recent peaks.

A separate report from the New York Federal Reserve showed a much bigger than expected slowdown in the pace of growth in regional manufacturing activity in December. With the steep drop, the index ended the session at its lowest closing level in well over two years.

Markets generally languish for a couple of weeks after Thanksgiving as traders sell investments and losers in preparation of the tax season.

The major US index futures are pointing to a higher opening on Tuesday following the sell-off seen over the course of the two previous sessions.

Instead of a Santa rally, yesterday saw a Santa crash. That's chopped oil prices by one-third since early October. At this rate, the Dow Jones and S&P 500 are on track for their worst December since the Great Depression in 1931.

Monday's selling came as investors positioned themselves ahead of the Federal Reserve's two-day meeting, which begins on Tuesday.

Day's final numbers after the closing bell on the floor of the NYSE
Dow Jones tumbles, S&P 500 Index falls to 2018, as crypto recovers slightly

Oil prices dropped $3.66 to $46.22 USA a barrel.

Trump administration economic adviser Peter Navarro said on CNBC Monday morning that the Fed is the source of volatility and the stock slide. The Fed meets Wednesday and is widely expected to raise rates again.

Monday also brought additional criticism of the Fed from Donald Trump, saying that it was "incredible" the body might even consider a rate increase.

Analysts explain the market's bad performance by investor fears over the cooling economy and lack of signs on the US-China trade dispute settlement.

Goldman Sachs Group Inc shares rose 2.1 percent to snap a nine-day losing streak related to the 1MDB scandal.

TAKING OFF: Boeing surged to one of the market's biggest gains after it raised its dividend 20 percent and increased its stock buyback program by $2 billion to $20 billion. The $50 mark is crucial because oil producers find the path to profits more of a slog at sub-$50 prices.

ENERGY: Oil prices bounced back slightly after plunging on worries about rising supplies and weakening global growth, which could weigh on demand.



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