Stock market attempts a bounce-back after worst-ever Christmas Eve

News

WASHINGTON D.C. (ABC4 News)- After a brutal Christmas Eve for the market, people are wondering what the financial future holds in the new year.

Seeking to calm jittery investors, Kevin Hassett, the chairman of The Council of Economic Advisers, said Wednesday recent declines in the stock market are not signs of a slowing economy.

 “The fundamentals remain extremely sound,” Hassett said. “Christmas sales are through the roof.”

 Hassett says GDP growth in the fourth quarter appears to be solid at near three percent or higher.

 “So I think that the momentum we saw this year is carrying into next year.”

Experts say the government shutdown, a trade war with China, and other global factors all played a part in the biggest Christmas eve market sell-off in history.

For his part, President Trump is blaming the federal reserve for pushing up interest rated.

“They are raising interest rates too fast that’s my opinion. I mean the fact is that the economy is doing so well,” he said.

 Hassett said Wednesday the Fed Chairman’s job remains safe. That appeared to ease worries on Wall Street, but uncertainty remains as the government shutdown has no end in sight and the trade war with China could escalate in 2019.

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Glen Mills

Chief Political Correspondent

For this Beetdigger and Ute it's an honor to be doing what he loves in his home state! Glen is an award winning journalist, who joined the ABC4 Utah team in June, 2013. You can catch him anchoring ABC4 Utah News at 4 Monday through Friday. He also serves as our Chief Political Correspondent, keeping you up to date on issues that impact your life at the city, state and national level. His political reports run throughout the week, and he hosts Utah's only statewide political talk show, Inside Utah Politics Sunday mornings at 8. The Utah Headliners Chapter of the Society of Professional Journalists recognized Glen as the best government and military television reporter in the state. Read More...

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