BREAKING NEWS : Indiana coronavirus cases increase to 51,612; 2,567 deaths Full Story
BREAKING NEWS : Allen County reports 18 new COVID-19 cases, 1 new death Full Story

Stocks suffer worst Christmas Eve declines ever

CNN's Alison Kosik breaks down why the stock market saw its worst Christmas Eve declines ever.

Posted: Dec 27, 2018 12:34 AM
Updated: Dec 27, 2018 1:05 AM

Wall Street's Christmas rout spilled into Asia.

Japan's Nikkei plummeted 5% on Tuesday, dragging the index into a bear market. In China, the Shanghai Composite dropped as much as 2.5% before recovering some of its losses to close down 0.9%.

The declines in Asia followed another brutal day for US stock markets, which fell more than 2% in a shortened trading session. The Dow, which sank 2.9%, and the S&P 500, which lost 2.7%, suffered their biggest Christmas Eve declines ever.

"The market is getting pummeled from every direction," said Stephen Innes, head of Asia-Pacific trading for online broker Oanda.

Investors are getting increasingly concerned about a slowdown in global economic growth, according to market experts. Those worries have been intensified by US President Donald Trump's attacks on Federal Reserve Chairman Jerome Powell for continuing to raise interest rates.

US stocks went into a tailspin Monday after Trump tweeted that "the only problem our economy has is the Fed," stoking fears he may fire Powell.

The turmoil on Wall Street is infecting other big markets because of concerns that problems in the US economy — the world's biggest — could hit major trading partners such as Japan and weigh on companies' profits, said Hirokazu Kabeya, chief global strategist at Daiwa Securities in Tokyo.

Investors around the world already have plenty to worry about, including China's economic slowdown, the unresolved US-China trade war and Brexit's unpredictable outcome.

Despite strong growth this year, the US economy has become a wild card in recent weeks as investors have fretted about the combination of slowing growth and rising interest rates. US stocks are on pace for their worst December since the Great Depression.

US Treasury Secretary Steven Mnuchin added to the uncertainty on Sunday by releasing an unusual statement saying he had called the CEOs of the biggest American banks. He said the executives assured him their banks are healthy and have "ample liquidity" to lend to consumers and businesses. "Markets continue to function properly," Mnuchin said.

The use of words typically reserved for times of crisis — even though there were no outward signs of one — spooked investors.

"This is the type of announcement that raises the question of whether Treasury sees problems that the rest of the market is missing," Cowen & Co. analyst Jaret Seiberg wrote in a note to clients.

The partial US government shutdown has added to the sense of disarray.

Multiple major stock markets in the Asia-Pacific region were closed Tuesday for Christmas, including Hong Kong, Australia and South Korea. Most European markets are also shut, while US markets are due to reopen on Wednesday.

Kabeya said he's skeptical investors' downbeat mood will improve before the end of the year.

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 51079

Reported Deaths: 2756
CountyConfirmedDeaths
Marion12019693
Lake5588248
Elkhart353959
Allen2939134
St. Joseph210669
Hamilton1691101
Cass16449
Hendricks1454100
Johnson1340118
Porter82638
Tippecanoe7709
Vanderburgh7276
Clark69544
Madison67464
LaPorte61628
Howard59858
Bartholomew59745
Kosciusko5754
Marshall5449
Noble51328
LaGrange4849
Boone48244
Jackson4783
Delaware47152
Hancock46736
Shelby45425
Floyd40644
Morgan34231
Monroe34028
Grant31826
Dubois3046
Henry30018
Montgomery29720
Clinton2903
White27410
Dearborn25823
Decatur25632
Lawrence25225
Vigo2528
Warrick25029
Harrison21722
Greene19432
Miami1932
Jennings17912
Putnam1738
DeKalb1694
Scott1649
Wayne1546
Daviess15017
Perry14710
Orange13723
Steuben1362
Jasper1352
Ripley1307
Franklin1278
Gibson1202
Wabash1162
Carroll1142
Fayette1067
Whitley1066
Starke1043
Newton10010
Huntington942
Jefferson862
Wells821
Randolph794
Fulton731
Knox710
Jay700
Washington681
Pulaski661
Clay645
Rush613
Posey570
Spencer541
Owen521
Benton510
Sullivan501
Adams491
Brown431
Blackford402
Fountain352
Crawford330
Switzerland320
Tipton321
Parke270
Martin260
Ohio230
Vermillion200
Warren151
Union140
Pike110
Unassigned0193

Ohio Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 64214

Reported Deaths: 3036
CountyConfirmedDeaths
Franklin11724445
Cuyahoga8979393
Hamilton6781207
Lucas2952305
Marion274539
Montgomery244035
Summit2327209
Pickaway222241
Mahoning1928239
Butler182147
Columbiana137860
Stark1214114
Lorain112069
Trumbull104578
Warren97725
Clark80010
Delaware69815
Fairfield66717
Tuscarawas60410
Lake58923
Medina58232
Belmont56922
Licking56812
Miami50631
Portage49259
Wood48851
Clermont4737
Ashtabula44744
Geauga42543
Wayne37253
Richland3715
Allen35641
Greene3439
Mercer29910
Erie27122
Holmes2595
Darke25626
Huron2402
Madison2169
Ottawa17324
Sandusky16015
Washington14620
Ross1443
Coshocton1423
Athens1391
Crawford1385
Putnam13715
Hardin12312
Morrow1201
Auglaize1094
Jefferson1092
Muskingum1001
Union931
Preble901
Monroe8917
Hancock861
Lawrence830
Guernsey823
Clinton811
Hocking809
Williams762
Shelby744
Logan711
Ashland672
Carroll673
Fulton670
Scioto670
Wyandot635
Brown611
Fayette550
Defiance533
Knox531
Champaign511
Highland501
Van Wert471
Perry441
Seneca412
Henry330
Paulding300
Jackson280
Pike280
Adams261
Vinton232
Gallia201
Noble140
Harrison131
Meigs130
Morgan110
Unassigned00
Fort Wayne
Few Clouds
70° wxIcon
Hi: 75° Lo: 59°
Feels Like: 70°
Angola
Scattered Clouds
79° wxIcon
Hi: 78° Lo: 57°
Feels Like: 81°
Huntington
Broken Clouds
71° wxIcon
Hi: 76° Lo: 58°
Feels Like: 71°
Decatur
Clear
70° wxIcon
Hi: 73° Lo: 59°
Feels Like: 70°
Van Wert
Clear
70° wxIcon
Hi: 75° Lo: 59°
Feels Like: 70°
Sunday starts wet, ends dry
WFFT Radar
WFFT Temperatures
WFFT National

Community Events