December 21, 2018

Stocks sank for a third consecutive day, exacerbating a week-long equity exodus that has pushed the Nasdaq Composite Index into a bear market and put the SP500 and Dow in position for its worst December since the Great Depression. The Federal Reserve’s rate hike on Wednesday drove the losses and fears of an extended government shutdown only added to the pain. The markets did open in the green and moved over 300 points higher after New York Fed President Williams said the central bank was listening to the market and could re-evaluate its outlook for two rate hikes next year. At the end of the day, we saw a major reversal and the markets closed another day in the red:

DOW -414 at 22445
SP500 -50 at 2416
NASDAQ -195 at 6333

The 10 Year Treasury yield closed flat yielding 2.79%
Oil prices closed -.51 at 45.37 a barrel
Gold prices closed -9.50 at 1258.40 an ounce

In the days’ stock news:

  • Nike was one of the few bright spots in the market, posting a 7% gain following strong earnings results. NKE closed +4.84 at 72.37.