Coal For Christmas On Wall Street: S&P 500 Enters Bear Territory

Coal For Christmas On Wall Street: S&P 500 Enters Bear Territory

The U.S. central bank chief took his post early last February after being appointed by Trump and has continued the path of gradual rate hikes started by his predecessor, Janet Yellen.

Mnuchin tweeted on Saturday that he spoke with the President, relaying that Trump said, "I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so".

Trump shifted his criticism again to the Fed, saying it "raised the interest rates too fast, that's my opinion". Then on Monday, Trump fired off another tweet criticizing Federal Reserve Chair Jerome Powell, reigniting fears that Trump would try to fire Powell.

According to news reports, in recent weeks, the United States shares have fallen down sharply over the concerns on slowing economic growth including the S&P 500 index on a track for its huge percentage decline since the great depression in December.

WASHINGTON | President Donald Trump says he has confidence in Treasury Secretary Steven Mnuchin (mih-NOO'-shin), calling him a "very talented guy" and a "very smart person".

The source said Mnuchin is "under the gun", though Trump said Tuesday that he remains confident in Mnuchin and a White House source told CNN that speculation about the treasury secretary's future was "nonsense". We have companies, the greatest in the world, and they're doing really well.




On Tuesday, Trump praised USA companies and said their lower stock prices present an opportunity for investors. The S&P 500 has lost about 19.8 percent from its September 20 closing high, just shy of the 20 percent threshold that commonly defines a bear market.

The U.S. dollar slipped on Monday as concerns about a prolonged government shutdown and sharply lower equity markets reduced demand for the greenback. "In the face of a large correction in the market, there seems to be disarray and disunity and people aren't speaking with one voice, which I think is discouraging to anybody in the market".

With the equity markets in free fall, Treasury Secretary Steven Mnuchin spoke with the chief executive officers of the six largest US banks, who confirmed they have enough liquidity to continue lending and that "the markets continue to function properly".

The assurance comes in the face of repeated attacks on the central bank by the President, who most recently called the Fed the United States economy's "only problem" on Monday.

The S&P 500 tumbled to the brink of a bear market on Monday as U.S. stocks extended their steep sell-off in a pre-holiday shortened session, with investors rattled by the U.S. Treasury secretary's convening of a crisis group and by other political developments.

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