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Last Week’s Stock Market Crash Reflected the Depressed Moods of Many at Christmas and the Plunging Temps

It was not exactly how anyone wanted to start the festive Christmas holiday. There was no way out of it: the stock market plunged this past Thursday, following an optimistic rally on Wednesday.

Yahoo! Finance provided information regarding “December's sell-off” sweeping across all the most important 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 that the Senate's passing of the huge $1.7-trillion omnibus bill with the help and support of Republicans was a factor in it, too. Who knows for sure?

It's not that everyone was in a depressed mood. A meteorologist from the Fox station in Tampa, Florida, discovered a way to have fun with the dour market news by making a connection with the cold snap that was coming in: “Temperatures Friday will look a lot like the stock market.”

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