US Stock Market Tumbles Thursday, Dampens Mood Ahead of Christmas Cheer

(AP Photo/Richard Drew)

Not exactly how anyone wants to head into the cheerful, Christmas holiday this coming Sunday, but there’s no getting around it: the stock market took a major tumble on Thursday, after a positive rally Wednesday.


Yahoo! Finance reports on “December’s sell-off” sweeping up all of the major U.S. markets, including the S&P 500 futures market, Dow Jones Industrial Average, and Nasdaq Composite:

U.S. stocks plunged Thursday as December’s sell-off intensified after a fleeting rally in the previous session.

The S&P 500 (^GSPC) closed down 1.4% after dropping as much as 2.8% in afternoon trading, while the Dow Jones Industrial Average (^DJI) shed 350 points, or 1%. The technology-heavy Nasdaq Composite (^IXIC) tumbled 2.2%.

Losses picked up after veteran hedge fund manager David Tepper said in a televised interview with CNBC that he is “leaning short on the equity markets” over concerns rising interest rates will further batter stocks.

Poor results from Micron Technology (MU) also soured the mood. The largest U.S. manufacturer of memory chips warned of a glut in the semiconductor market and forecast a wider-than-expected second-quarter loss as a result. The company revealed a series of cost-cutting measures to help offset an expected drop in revenue, including a 10% reduction in its workforce. Shares fell 3.4% on Thursday.


It’s possible the Senate’s passage of the bloated, $1.7 trillion omnibus bill – with the aid and comfort of Republicans – had a role to play, too. Just spitballing here.

That’s not to say that everyone’s in a glum mood. A meteorologist at the Fox affiliate in Tampa found a way to have fun with the market news–by finding a tie-in with the incoming cold snap:


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