The S&P 500 entered bear market territory and the Dow Jones Industrial Average dipped below 22,000 Monday as trading saw the worst Christmas Eve in history.
The Dow Jones Industrial Average dropped by 601 points Monday in volatile trading, falling below 22,000 in the worst day of Christmas Eve trading ever. The Dow sank more than 2 percent, then recovered nearly all of the day’s losses, before again falling more than 2 percent. The S&P 500 fell 1.8 percent and Nasdaq Composite Index slid 1.2 percent. The next worst Christmas Eve for the Dow and S&P 500 was in 1985, when both indexes fell a little over 0.6 percent.
Both the Dow and the S&P 500 are now in the red for 2018 by more than 10 percent. Some traders have suggested that the market has gotten to the point where a short-term bounce could occur, if only for technical reasons. Seasonally, this is usually a positive, or at least benign, time for the markets.
The NYSE closes early on Monday at 1 p.m. ET. The exchange is closed on Tuesday for Christmas day. Wednesday through Friday are normal trading days.