You must be this tall to ride [The Water Coolest]
Describe the stock market in five words: Roller Coaster Tycoon Death Coasters.
The markets have had what CNBC would call a “roller coaster of a week.” The Donald threatening to fire Jerry Interest Rates and Treasury Secretary Mnuchin drunk dialing banks sent markets into a tailspin.
The Dow (down 18.8% from its 2018 high water mark) and S&P 500 (down 19.8%) dropped more than 2.5% in just one day on Monday, their worst Christmas Eve ever.
But fear not, Kris Kringle had some Christmas magic left in his bag of tricks as the major indices rallied almost 5% each by the end of trading yesterday. Did someone say Santa Rally?
The DJIA was up over 1k points for the first time ever in a single trading session. This 5% gain is also the largest one-day percentage gain since March 2009. The S&P 500 and Nasdaq followed suit, up 5% and 5.8% respectively.
So will the Santa Rally come to fruition? Or will investors be scared off by uncertainty surrounding the Fed’s interest rate hikes, slumping oil prices, and trade tensions with China, as they have been for much of the quarter? The f*ck if I know …
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