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The Stock Market’s Thursday Crash Puts a Damper on Christmas Spirits With Just Three Days Left

Anxious isn't exactly how people want to feel while preparing for their joyous Christmas celebrations this coming Sunday. But there's no way out of it: the stock market plunged on Thursday, following a rally on Wednesday.

Yahoo! Finance reported on “December's sell-off” sweeping the majority of U.S. markets, including the S&P 500 Futures, 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 that the Senate's approval of the massive $1.7-trillion omnibus bill with the assistance and cooperation of 18 Republicans was a factor in it, too. This is just speculation, of course.

That’s not to say that everyone is in a depressed mood. A meteorologist from the Fox station in Tampa discovered a way to have fun with the news about the markets by making a connection to the incoming cold snap: “Temperatures Friday will look a lot like the stock market.”

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