Stock market has worst week in a decade, Americans lose 10% of their savings
Just days ago it was reported that the stock market was having it's worst December month since 1931.
Now - it's having having its worst week in 10 years, CNBC reports. And, that's no matter what month you're referring to, December or not.
The Dow Jones Industrial Average fell 414.23 points to finish at 22,445.37 - that's a 6.8 percent loss. The Nasdaq lost 8.3 percent and the S&P 500 lost 7 percent. All in a weeks time.
The last time things were this bad, George W. Bush hadn't left office yet and the economy was entering the Great Recession.
What does all of this mean? Well, so far it's estimated that Americans on the whole have lost more than 10% of their savings. That hurts if you're nearing retirement and need the money right away. If you're still young, you still have time to see it all come back.
On Wednesday, they raised rates yet again. It's said that uncertainty with Trump's administration and the government shutdown are also contributing factors.
It wasn't too long ago that Trump was taking credit for the stock market. Now, it's not his fault, it's the Feds, he claims.
Some people think Trump's tariffs threats are one big reason. To that, Trump should take full ownership of.
"I think what really set the market off was when he called himself Mr. Tariff. That was right after the Trump-Xi meeting, said Peter Boockvar, chief investment strategist at Bleakley Advisory Group. "People came out of that meeting hopeful. He said 'tariff man' and that began the biggest sell-off of December."