Patrick Sison / AP
The stock market was only open for half a day on Monday, and that was more than enough time for the Dow Jones Industrial Average to fall 2.9 percent to 21,792.20. Record of 1918 for the worst Christmas Eve performance.
Other US indices also fell. The Nasdaq lost 2.2 percent to 6,192.92. The index of Standard & Poor's 500 fell 2.7 percent to 2,351.10.
US. Equities are on track for their worst year since 2008, which took place during the Great Recession, and their worst December since 1931, which had occurred during the Great Depression.
Markets are concerned with worries of a slowing global economy, trade quarrels with China and last week's rate hike – the fourth of the Federal Reserve this year.
Over the weekend, reports surfaced that President Trump had asked Advisor if he could sack Fed chairman Jerome Powell legally. Trump had nominated Powell to take over the Fed last year, but since interest rates began to rise, Trump has reinforced his rhetoric against Powell.
US Treasury Secretary Steve Mnuchin's efforts on Sunday to backfire investors. He tweeted that he had spoken with the bosses of the nation's six largest banks, and was assured that they had sufficient lending capacity.
"We have seen situations in which it is perfectly normal for the Secretary of the Treasury to reach the bank. The private sector," said Quincy Krosby, a leading market strategist for Prudential Financial, to the Wall Street Journal.
"But what is bad has led to the papers being made and says the government is very worried," Krosby said. With investors focusing on so many issues, "it's almost as if if gravity pulls this market down to a lower level before it hits bottom. "
The decline in US financial markets on Monday morning began after Trump tweeted about the Fed The only problem our economy has is the Fed. They have no sense of the market, they do not understand the necessary trade wars or strong dollars or even democratization of borders. The Fed is like a mighty golfer who can not score because he has no touch – he can not putt!
– Donald J. Trump (@realDonaldTrump) December 24, 2018
"The only problem Our economy has the Fed," the president said on Twitter. "They have no sense of the market, they do not understand the need for trade wars or strong dollars or even Democrats shut down across borders." The Fed is like a mighty golfer who can not score because he has no points of contact – he can putt! "
The Fed is an independent agency. While board members are appointed by the president, they make decisions separately from the White House.
Peter Weber, a financial historian at the University of Pennsylvania's Wharton School, told The Associated Press, "We've never seen anything like a full-blown, cross-frontal attack, which is a catastrophe for the Fed, a catastrophe for the president and a catastrophe for the economy. "
Following the loss of Wall Street on Monday, Asian markets followed. In early trading, the Japanese Nikkei 225 dropped 5.1 percent to 19,147.45 points. The Shanghai Composite Index lost 2.1 percent to 2,473.75. Benchmarks in Thailand and Taiwan also fell.
The markets in Hong Kong, Australia and South Korea were closed for Christmas.
After a commercial break for the holiday, US markets reopen on Wednesday.