The Dow Jones Industrial Average dropped more than 650 points. It was the biggest Christmas Eve decline ever. This week has been the market's worst in more than seven years.
WAAY 31 talked to people in Huntsville about how the market is impacting their Christmas. One man told us it is hard to have holiday spirit when the market is taking a dive, "That's depressing. You obviously don't want to end the year on a down note like that," said Ross Weaver.
Weaver told us watching the worst financial month in the market since the great depression has not been good for his 401k, or his other investments, "Its been giving back a lot of gains that we made over the last year," said Weaver.
President Trump tweeted Monday the Federal Reserve is to blame, because they just raised interest rates by .25%.
WAAY 31's Political Analyst Waymon Burke told us the Fed raises interest rates when they think inflation might become a problem.
According to ABC News, some financial experts said the trade war with China and instability at the White House are contributing factors for the plunge in the markets.
Weaver plans on trying not to panic and to remember the market has a history of peaks and valleys, "I try to think for the long term and the long term is you ride the ups and downs, but you never like to see a huge volatile swing like that," said Weaver.
Burke told WAAY 31 the raising of the interest rate by the Fed will impact regular people far and wide when they try to get a loan for a house, or for a car. It will also impact bigger investors. All of that could have big impacts on the economy, which could then lead to political ramifications, according to Burke.
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