Dow Suffers Record-Breaking Christmas Eve Losses

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Updated at 6:40 a.m. ET

The stock market was only open for half a day Monday, and that was more than enough time for the Dow Jones Industrial Average to drop 2.9 percent to 21,792.20, breaking 1918's record for the worst Christmas Eve performance.

Other U.S. indexes fell too. The Nasdaq lost 2.2 percent to 6,192.92. The Standard & Poor's 500 index fell 2.7 percent to 2,351.10.

U.S. stocks are on track for their worst year since 2008, which was during the Great Recession, and their worst December since 1931, which was during the Great Depression.

The markets have been dealing with concerns of a slowing global economy, the trade dispute with China and last week's interest rate increase — the fourth by the Federal Reserve this year.

Over the weekend, reports surfaced that President Trump was asking advisers if he could legally fire Fed Chairman Jerome Powell. Trump nominated Powell last year to take over the Fed, but since interest rates began rising, Trump has upped his rhetoric against Powell.

Efforts by Treasury Secretary Steve Mnuchin on Sunday to reassure investors backfired. He tweeted that he had spoken with the heads of the nation's six largest banks and was assured that they had sufficient lending capacity.

"We've gone through situations before where it's absolutely normal for the secretary of Treasury to reach out to the private sector," Quincy Krosby, a chief market strategist at Prudential Financial, told The Wall Street Journal.

"But what's bad is this made the papers, and says the government is very worried," Krosby told the paper, adding that with investors focused on so many issues, "it's almost as if gravity is pulling this market toward a lower level before it bottoms out."

Monday morning's drop in U.S. financial markets began after Trump tweeted about the Fed.

"The only problem our economy has is the Fed," the president said on Twitter. "They don't have a feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can't score because he has no touch - he can't putt!"

The Fed is an independent agency. While board members are nominated by the president, they make decisions separately from the White House.

Peter Conti-Brown, a financial historian at the Wharton School of the University of Pennsylvania, told The Associated Press: "We've never seen anything like this full-blown and full-frontal assault. This is a disaster for the Fed, a disaster for the president and a disaster for the economy."

After Monday's Wall Street losses, Asian markets followed. Japan's Nikkei 225 fell by 5 percent to end the day at 19,155.14 points. The Shanghai Composite Index ended 0.9 percent lower to 2,504.82. Benchmarks in Thailand and Taiwan also declined.

Markets in Europe, Hong Kong, Australia and South Korea were closed for Christmas.

After a pause in trading for the holiday, U.S. markets reopen Wednesday.</s>Not even the truncated Christmas Eve session could halt the market rout that's gripped investors for three months.

The S&P 500 plunged almost three per cent to end at a 20-month low, in what was the worst final session before the Christmas holiday on record, according to data compiled by Bloomberg. It was the busiest Christmas Eve since 2010, with more than 1.7 billion shares changing hands in the truncated session.

"The more volatile things get the more volume surges," Michael Antonelli, equity sales trader at Robert W Baird, said. "People don't care it's a session before Christmas when the US equity market is acting like this."

The S&P 500 fell 2.7 per cent and the Dow Jones Industrial Average sank 653 points, deepening losses after the worst week since 2011.</s>Never mind finding coal in your stocking for the holidays. Wall Street investors scored a rare — and unwanted — gift this year.

The S&P 500 index SPX, -2.71% fell by 2.7% Monday, marking the first Christmas Eve that the broad-market benchmark has booked a loss of 1% or greater — ever.

The Dow Jones Industrial Average DJIA, -2.91% also marked its worst drop on the ever of Christmas, finishing 653 points, or 2.9%, representing its worst such decline in history.

Bespoke Investment Group spotlighted this dubious S&P 500 record earlier in the day:

That statistic has been confirmed by Dow Jones Market Data, which said the largest decline in the index on the trading day before Christmas was Dec. 23 in 1933.

The following graphic from Bespoke illustrates the index’s moves over the past 90 years or so:

For the Dow, it would be the first time it has fallen by more than 1% in about 100 years and the steepest drop on Christmas eve in the 122-year-old blue-chip gauge’s history : Check out the table below from Dow Jones Market Data:

It wasn’t pretty for the Nasdaq Composite Index COMP, -2.21% either, with the technology and internet-laden benchmark logging an ugly 2.2% loss. That also marks the worst Christmas eve drop for the Nasdaq its history, with the worst drop a 0.95% in 1973. The Nasdaq began trading on Feb. 8, 1971.

U.S. stock indexes ended trading at 1 p.m. Eastern Time on Christmas Eve and will be closed on Christmas.

Read: Mnuchin thinks there’s a simple reason the Dow is poised for its worst December since 1931

Read: Which stock and bond markets close, and when, for Christmas and New Year’s holidays

The current dynamic in the market has it set for its worst monthly and yearly decline about a decade, amid nagging concerns that the Federal Reserve is normalizing interest rates too rapidly, and that a continuing tariff dispute between China and the U.S. could devolve and help lead to a domestic recession, as international economies are already demonstrating signs of a slowdown.

Also stoking anxiety was a tweet from Treasury Secretary Steven Mnuchin to assess the health of the banking system, which has raised some questions about liquidity among those institutions that had not previously been raised. Treasury officials insist that the calls to bank executives was just a routine checkup.

Read: Opinion: Mnuchin can’t stand up to his boss — and it’s costing you money

Providing critical information for the U.S. trading day. Subscribe to MarketWatch's free Need to Know newsletter. Sign up here.</s>The Dow Jones Industrial average dropped 650 points following President Donald Trump's renewed attack on the Federal Reserve chair – making it the worst Christmas Eve on record for the market index.

The markets closed down hours after Trump attacked the central bank by comparing it to a golfer who is unable to nail a successful put.

The S&P 500 index is now down 20 per cent from its high for the year, marking the beginning of what is considered a bear market.

The president hit at the Fed on Twitter Monday morning, in the wake of an early 400-point drop in the Dow Jones Industrial Average that followed Treasury Secretary Steven Mnuchin's plan to convene a call with his 'plunge protection team' – a move that appeared to stoke further concerns.

By the time the closing bell rang at 1 pm for the holiday, the Dow had dropped 601 points and dipped below 22,000. It was the worst Christmas Eve ever for the Dow, CNBC reported. It ended up down 653 points on the day.

Trump tweeted Monday: 'The only problem our economy has is the Fed. They don't have a feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can't score because he has no touch - he can't putt!'

Trump's tweet featured other significant factors that may in fact be causing a drag on the market. The ongoing trade war with China and a threatened escalation of retaliatory tariffs has been among the sources of anxiety in the markets, according to financial analysts.

The shutdown of a significant portion of the federal government – with no end in site and a possible closure running through the New Year – has contributed to uncertainty.

Trump made his golf reference from inside the White House late Monday morning – having skipped out on his planned Mar-a-Lago vacation where golf was a certainty on his agenda. First Lady Melania Trump is returning to Washington for Christmas.

It followed Mnuchin's announced plan to convene a call with his 'plunge protection team' failed to reassure markets – after the Dow Jones Industrial Average experienced an immediate 400-point drop Monday morning and other indexes fell.

The broader S&P 500 index was down 1.5 per cent in the first five minutes of trading Monday, when markets were set to close at 1 pm for Christmas Eve.

Within minutes of the opening bell, the Dow was down nearly 2 per cent.

Mnuchin on Monday was convening the Working Group on Financial Markets, known as the 'plunge protection team' via conference call.

The group, which includes the Fed board of governors, the head of the SEC, and the Commodities Futures Trading Commission, also convened during the 2009 financial crisis – although Mnuchin provided weekend assurances that the U.S. maintains 'strong economic growth.'

Trump's Treasury chief will have to phone in long distance, as on Sunday he was revealed to be vacationing with wife Louise Linton in Cabo San Lucas, Mexico – although his boss President Trump was holed up in Washington with is wife down at Mar-a-Lago during a partial government shutdown.

Trump's attack on the Federal Reserve followed a move by its open markets committee last week to increase a key interest rate that contributed to the market slide.

Oddly enough, Trump's attack on the Fed mirrored criticism of his own golf game, albeit from some of the best to play the game.

'He's not really good around the greens. I could help him if he asked me,' golf legend Tom Watson, who has played with multiple presidents including Trump told CNBC.

Gary Player also critiqued Trump's short game, though his drives have impressed analysts. 'The same thing applies to all the presidents I have played with. When they have a 4-foot putt, they just say pick it up – and you aren't going to argue with them,' Player said.

His efforts to reassure markets are countering multiple other factors that have markets on edge. Among theme are interest rate hikes, the trade war with China, the government shutdown amid a standoff over Trump's border wall, and chaos in the White House amid the the Mueller probe and the coming Democratic House takeover.

'Today I convened individual calls with the CEOs of the nation's six largest banks,' Mnuchin said in a statement he released on Twitter Sunday.

'We continue to see strong economic growth in the U.S. economy with robust activity from consumers and business,' he noted. During the calls, 'the CEOs confirmed that they have ample liquidity available for lending,' the Treasury said.

Mnuchin 'also confirmed that they have not experienced any clearance or margin issues and that the markets continue to function properly,' the Treasury said.

The execs that Mnuchin – a former Goldman Sachs exec who is worth an estimated $300 million – dialed were the chiefs of Bank of America, Citi, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo.

However the Treasury Department had no concerns about liquidity when Mnuchin made the calls to bank CEOs, CNBC reported. Instead, the calls were a 'check-in' about Powell, which raises the possibility that the outreach that drove down the markets was precipitated by Trump's fury at the Fed chair.

Markets experienced their worst December since the Great Depression, and the year's gains have been wiped out since October.

Trump has periodically railed against Federal Reserve chair Jerome Powell, but that did not prevent a Fed committee from raising the government's key borrowing rate by 0.25 per cent last week.

But acting White House Chief of Staff Mick Mulvaney said on SundayTrump 'now realizes' he can't fire the head of the Federal Reserve, after reports that the president asked his advisers whether he could do so.

'I think [Trump] put out a tweet last night specifically saying that he now realizes he does not have the ability to fire him,' Mulvaney said ABC's 'This Week' on Sunday.

ABC's Jonathan Karl pointed out it wasn't Trump who tweeted that but Treasury Secretary Steven Mnuchin.

'Is that who tweeted? All right,' Mulvaney said. 'I talked to - I must have heard it - I did speak with the treasury secretary last night about a bunch of things, including the lapse in appropriations and the shutdown, and he did mention that to me.'

CNN and Bloomberg, citing unnamed people familiar with the matter, said that Trump was furious when the Fed raised the key borrowing rate on Wednesday and signaled it will continue to hike rates next year.

The Dow Jones Industrial Average closed the week with yet another steep decline, its worst week in 10 years.

The S&P 500 index is on track for its worst December percentage drop since the Depression.</s>It’s the most wonderful time of year, and it’s also the time when you buy last-minute Christmas gifts and last-minute ingredients for those Christmas Day recipes. This is a day meant to spend with family and friends, curled up in front of a roaring fire, with a cup of hot apple cider or eggnog. But just because you intend to enjoy the holidays doesn’t mean that you won’t suddenly realize that you forgot something for tomorrow’s meal or you forgot a really important stocking stuffer. If Safeway is the closest store, you’ll want to go there. But will Safeway be open this year on Christmas Eve 2018?

Yes, most Safeway stores are open on Christmas Eve, although their hours may be different than normal. On Christmas Eve, most stores may have more limited hours and may close around 7 or 8 p.m. local time. The times may vary by location, however. (And on Christmas, most stores are closed, but a few may decide to stay open.) To know what Safeway’s hours are on Christmas Eve near you, you can find your local Safeway using this link and check on their hours for Christmas Eve. You might also want to call just in case the hours on the website aren’t updated.

Here are some examples of Safeway’s Christmas Eve hours:
• Colorado Safeways will open from 5 a.m. to 7 p.m. on Christmas Eve.
• In Maryland, the Safeway on 4701 Sangamore Road will be open on Christmas Eve from 5 a.m. to 8 p.m.
• In Maryland, the Safeway on 5000 Bradley Blvd. will be open on Christmas Eve from 7 a.m. to 7 p.m.

If you’re getting your groceries delivered to you from Safeway via Instacart, you’ll want to keep the limited hours in mind when you’re placing your order on the app. There will likely be fewer shoppers working because it’s a holiday, and there might be more people putting in last-minute orders. So get your order in as early as possible to make sure that you can get your delivery. You don’t want to be logging into the app at the last minute, only to discover that no one’s available and there’s no way to get your order delivered before your local Safeway closes.

Remember, although it may be a little inconvenient for Safeway to have limited hours on Christmas Eve, it’s really great that they’re doing this for their employees. They’re giving their staff a chance to spend the holidays with their loved ones, and that’s certainly a decision that should be commended.</s>The latest equity market data makes for pretty grim reading for conventional equity traders, as it shows that the Dow Jones Industrial Average has suffered its worst week since the global financial crisis of 2008. According to the data, the Dow lost 1,655 points or about 7 percent in its worst week-on-week decline in 10 years with no immediate sign of recovery on the horizon.

CNBC reports that the Federal Reserve’s rate hike on Wednesday and fears of an extended government shutdown on Friday are instrumental to the losses suffered in the financial market. Alongside the Dow, the S&P 500 fell 2.1 percent to close at 2,416.58, and the Nasdaq Composite lost 2.99 percent at 6,332.99, following significant losses in technology stocks such as Facebook, Amazon, and Apple. Both the Dow and the S&P 500 are in the red for 2018 by at least 9 percent, and both are also preparing for what looks to be their worst December performance since the Great Depression of 1931.

Quoted in the report, Komal Sri-Kumar, president at Sri-Kumar Global Strategies, said:

There are lots of signs now suggesting that we may be looking at a recession. I would say that the risk here is that a whole lot of confluence is taking place: The trade was is not going to end soon, and the Fed totally misjudged the market in suggesting two more rate hikes next year.

While the Dow is looking at the possibility of a recession after nearly eight years of bullish equity market conditions, bitcoin is experiencing a bit of a reprieve after enduring its own annus horribilis, falling from a peak of $19,500 over the course of a long drawn out year where it found itself unable to rise amidst severe uncertainty. For now, there is no telling when current conditions will finally come to an end.

At the moment, however, BTC/USD continues to hover around $4,000, holding steady at $3,992 at press time following a mini-recovery that took it from a year-to-date low approaching $3,000 last week. Speculation among a number of analysts is that a squeeze of short contracts on margin trading platforms led to a market situation where many oversold cryptocurrencies including bitcoin went through a corrective upswing.

While many believe that the only way for bitcoin to recapture its all-time high valuation is through the entry of institutional investors into the crypto market, others like Bitpay CEO Stephen Pair believe that a more user-driven approach to bitcoin adoption can achieve the same goal. Amidst the uncertainty and competing visions for bitcoin’s future, a few notable voices continue to make optimistic pronouncements about the asset’s performance in the short term. One of these voices belongs to Fundstrat co-founder Tom Lee who previously said that bitcoin could hit $15,000 by the end of the year but has since stopped giving bitcoin price predictions.</s>Treasury Secretary Mnuchin conducts calls with major banks over the weekend about liquidity

U.S. stock indexes trade sharply lower in a holiday-shortened session after the worst week of trading since the financial crisis of 2008.

Wall Street trading on the New York Stock Exchange will end at 1 p.m. Eastern Time, on the eve of Christmas and will be closed on Tuesday for the holiday.

The Dow Jones Industrial Average trades 380 points, or 1.7%, lower at 22,069, while the S&P 500 index fell 40 points, or 1.7%, to 2,376. The Nasdaq Composite Index traded down 82 points, or 1.3%, to 6,254.

The S&P 500 and the Nasdaq are coming off the worst weekly percentage declines in about a decade, while the Dow booked its worst point drop in about 10 years. All three indexes are set for the ugliest monthly drop since October of 2008, during the heart of the 2008-09 financial crisis.

The Nasdaq officially entered bear-market territory on Friday, down 21.9% from its Aug. 31 highs. That is as the S&P and the Dow inch closer to bear market territory, with the S&P off 17.5% from its Sept. 20 highs, and the Dow down 16.3% from an Oct. 3 high.

Equity and bond markets will finish early to mark Christmas Eve and will be closed on Tuesday for the Christmas holiday. The rest of the week will see normal trading hours. However, with many traders out for the holidays, volumes are expected to be thinner and move could be exaggerated.

Monday's potential bounce came as China's Ministry of Commerce said "new progress" had been reached in "vice-ministerial-level" trade discussions with the U.S. in a teleconference Friday, the South China Morning Post reported on Sunday (https://www.scmp.com/economy/china-economy/article/2179293/china-says-new-progress-has-been-made-us-trade-war-talks).

Over the weekend, Secretary Steven Mnuchin said he had spoken with the CEOs of the country's six biggest banks.

Mnuchin also was expected to hold a call Monday with the president's Working Group on financial markets "to discuss coordination efforts to assure normal market operations." The Treasury chief is on vacation in Cabo San Lucas, Mexico.

Meanwhile, White House advisers over the weekend tried to ease investor concerns that President Donald Trump could fire Federal Reserve Chairman Jerome Powell amid anger over the Fed's recent interest-rate hike that spurred more market losses. Mick Mulvaney, the president's incoming chief of staff, told ABC's "This Week" on Sunday that Trump "now realizes" he cannot remove Powell, while Mnuchin stated Saturday that the president had not suggested firing Powell.

Friday saw another day of extreme volatility on Wall Street, as investors digested the implications of a partial government shutdown, which could persist through early January.

Which stocks are in focus?

Shares of Bank of America, Citi(C), Goldman Sachs, JPMorgan Chase(JPM), Morgan Stanley and Wells Fargo--to ensure they had ample liquidity in case stock should resume selling off on Monday. All six banks were seeing their shares trade solidly lower.

How are other markets trading?

Asian stocks had a mixed session, with China's Shanghai Composite modestly higher, while the Nikkei was closed for a holiday. European stocks pointed to a weaker start.

The ICE Dollar Indexwas down 0.2% to 96.78, while goldrose 0.6% to $1,265.40 an ounce. February West Texas Intermediate crude rose 0.3% to $45.77 a barrel.

What are strategists saying?

"Stocks remain trending strongly downward in a trend that's nearly erased 50% of the entire rally from 2016 in S&P," wrote Mark Newton, independent technical analyst at Newton Advisors, in a Monday research note.

"Last week's 'Make-Or-Break' comment was decided by the nasty 'Break' on Monday which resulted in severe acceleration and resulted in the worst week of performance in a decade. The decline has begun to take a toll on the broader structures, which now show long-term trend breaks on monthly logarithmic charts from the 2009 lows," Newton wrote.</s>“Today in the town of David a savior has been born to you; he is Christ the Lord.”

Biblical scholars will agree that Jesus was not born Dec. 25.

The “today” mentioned in Scripture is not specifically noted, but based on tradition the 25th of December of each year is the date when the world celebrates the birth of the child, who according to the Christian faith, is the Messiah who would save mankind from sin.

How one celebrates that date differs from country to country, as well as from home to home, but those who hold fast to the reason for the season, which in terms of followers is estimated to be more than 2.2 billion people, will celebrate Christmas by attending a worship service.

A number of area congregations will be hosting either a Christmas Eve or a Christmas Day service next week, with many hosting both.

What follows is a list of those upcoming holiday services:
• St. John Lutheran Church in Redwood Falls will host a Sunday school program at 4 p.m. Dec, 24 and a Christmas Eve service at 5:30 p.m., with a Christmas Day service at 10 a.m.
• First Presbyterian Church in Redwood Falls will host a Christmas Eve service at 5 p.m., which will be followed by a Christmas Eve dinner.
• Gloria Dei Lutheran Church in Redwood Falls will host Christmas Eve services at 4, 5:30 and 11 p.m., with a Christmas Day service at 10 a.m.
• First United Methodist Church in Redwood Falls is holding a Christmas Eve service starting at 5 p.m.
• Redwood Alliance Church in Redwood Falls is hosting a Christmas Eve service at 5 p.m.
• Christ’s Victory Lutheran Church in Redwood Falls is holding a Christmas Eve service at 4:30 p.m.
• The Redwood Falls Evangelical Free Church will hold a Christmas Eve service at 5 p.m.
• Cornerstone Christian Church in Redwood Falls is holding a Christmas Eve service at 5:30 p.m.
• The Assembly of God Church in Redwood Falls is holding a Christmas Eve service at 5 p.m.
• The Church of St. Catherine in Redwood Falls will hold a Christmas Eve Vigil Mass at 4 p.m., with a Christmas Day Mass at 9:30 a.m.
• St. John Catholic Church in Morton is holding a Christmas Eve Vigil Mass at 6 p.m.
• Grace Lutheran Church in Belview will host a Christmas Eve service starting with carol singing at 3:45 p.m. and worship at 4 p.m., with a Christmas Day service starting with carol singing at 9:45 a.m. and worship at 10 a.m.
• Rock Dell Lutheran Church in rural Belview is hosting a Christmas Eve service at 4 p.m.
• Our Savior’s Lutheran Church in Belview is hosting a Christmas Day worship service at 9 a.m.
• Word of Life Lutheran Church in Belview will host a Christmas Eve service and program at 4 p.m.
• Echo Alliance Church in Echo will host a Christmas Eve service at 5 p.m.
• Peace Lutheran Church in Echo will host a children’s program Christmas Eve at 6:30 p.m., with a Christmas Day service at 10:30 a.m.
• St. John Lutheran Church in Vesta is hosting a children’s Christmas program Christmas Eve at 5 p.m., with a Christmas Day service at 9 a.m.
• St. Matthew Lutheran Church in Flora Township will host a Christmas Eve service at 5 p.m.
• St. Matthew Lutheran Church in Danube will host a Christmas Eve service at 7 p.m., with a Christmas Day service at 10 a.m.
• Zion Lutheran Church in Morton will host a Christmas Day worship service at 8:30 a.m.
• St. John Lutheran Church in Morgan will host a Christmas Eve service at 7:30 p.m.
• St. Luke Lutheran Church in Franklin will hold a Christmas Eve service starting at 6 p.m.
• Trinity Lutheran Church in Sanborn will host a Christmas Eve worship service at 6 p.m.
• Bethany Lutheran Church in Wabasso will host a Christmas Day worship service at 9 a.m.
• Our Savior’s Lutheran Church in Milroy will host a Christmas Eve worship service at 4 p.m.
• St. Matthew Lutheran Church in Wabasso will host a Christmas Eve service at 6 p.m.
• Trinity Lutheran Church in Lucan will host a Christmas Day service beginning at 9 a.m.
• Sundown Lutheran Church of Springfield will host a Christmas Day service at 10:30 a.m.
• Bethany Lutheran Church near Gilfillan will host a Christmas Eve service at 5 p.m.
• St. Matthew Lutheran in Evan will have a Christmas Eve service starting at 7 p.m.
• Middle Creek Methodist Church is hosting a Christmas program and birthday party for Jesus Dec. 23 at 7 p.m.
• Our Lady of Victory Catholic Church in Lucan will hold a Christmas Eve Mass at 4 p.m.
• St. Anne’s Catholic Church in Wabasso is hosting a Christmas Eve Mass starting at 6 p.m.
• St. Mathias Catholic Church in Wanda is holding a Christmas Eve Mass starting at 9 p.m.
• St. Mary’s Catholic Church in Seaforth is hosting a Christmas Day Mass beginning at 9 a.m.

The public is encouraged to attend a Christmas worship service next week.</s>Nearly everyone complains that Christmas appears to begin earlier and earlier every year. And it seems like the Royals can’t wait to swap gifts as they open them on 6pm on the dot every Christmas Eve. So why to the Royal family follow this Christmas tradition?

Why do the royal family open their presents on Christmas Eve? Robert Jobson, royal expert and author of bestseller “Charles at Seventy”, told Express.co.uk the royal tradition of exchanging presents on Christmas Eve dates back to Queen Victoria when her husband Prince Albert insisted that they adopt the German tradition. He said: “Royals have done it every year since. “On Christmas Eve when all the clan are together, the Queen's grandchildren and great-grandchildren put the finishing touches to the 20ft Christmas tree in the White Drawing Room.

“Presents will be opened that day at tea time as the royals still keep to the German practice of opening their gifts on Christmas Eve. “Gifts are laid out in the Red Drawing Room on a white linen-covered trestle table, with cards marking exactly where the piles of gifts should be put.” The Royal family traditionally spends Christmas at Sandringham House, the Queen’s country estate in Norfolk and Mr Jobson explained the gift exchange also include another unordinary tradition. He said: “Once everyone has arrived, the royal guests enjoy a traditional Christmas that includes putting the finishing touches on the Christmas tree and the giving of cheap and humorous gifts.

“The monarch's gifts are unlikely to be pricey. “Touchingly for people who have everything, the royals tend to buy each other jokey things. “A white leather loo suit was the star item one year. “If Meghan is racking her brain for a Christmas gift for the Queen, she could take after the Duchess of Cambridge, who has also openly admitted she was left stumped over what to buy the monarch one year.”

It is well known Kate once whipped up a batch of homemade chutney for the Queen - a gift which reportedly went down a storm among the royals. In an interview last year for the ITV documentary, Our Queen at Ninety, the Duchess said: “I was worried what to give the Queen as her Christmas present. I was thinking, 'Gosh, what should I give her?’ "And I thought back to what would I give my own grandparents. "And I thought, 'I'll make her something.' Which could have gone horribly wrong.” So although not pricey, there will be plenty of presents for tiny hands to unwrap and Prince George and Princess Charlotte will no doubt have a ball with their little cousins Mia Tindall and Savannah and Isla Phillips. Dinner at Sandringham on Christmas Eve is a relatively formal affair, with the men wearing black tie suits and the woman wearing gowns, expensive jewellery, and tiaras. At 5pm on Christmas Eve, guests will also enjoy tea, scones, sandwiches and cakes from sideboards in the Saloon.</s>(Bloomberg) -- Not even the truncated Christmas Eve session could halt the market rout that’s gripped investors for three months.

The S&P 500 plunged to a 19-month low amid a torrent of trading before the holiday. Some 630 million shares changed hands before 10:45 a.m. in New York, compared with the average of 300 million shares over the nine previous pre-Christmas sessions. Trading in S&P 500 shares was 38 percent above the 30-day average at this time of day and almost 60 percent higher than the 100-day mean.

“The more volatile things get the more volume surges,” Michael Antonelli, equity sales trader at Robert W. Baird, said in an email. “People don’t care it’s a session before Christmas when the U.S. equity market is acting like this.”

The S&P 500 fell more than 1.5 percent Monday, the biggest loss during pre-Christmas session since at least 2000, deepening losses after the index’s worst week since 2011. Traders reacted to news over the weekend that Treasury Secretary Steven Mnuchin called top executives from the six largest U.S. banks to discuss liquidity and a Bloomberg News report that President Donald Trump inquired about firing the central-bank chairman, adding to slew of concerns about global growth, a trade war with China, political gridlock in Washington and Fed rate hikes.

Equity markets close at 1 p.m. in New York.

The usual lull of the pre-Christmas holiday trading was nowhere to be found on Monday as all 11 sectors in the S&P 500 declined. The Dow Jones Industrial Average fell another 1.6 percent after the worst week in a decade and small-caps declined for the eighth straight day.

A volatility spike on Monday resembled trading activity on Friday when volume in New York Stock Exchange shares going down exceeded those rising by the second-highest margin on record.

To contact the reporter on this story: Elena Popina in New York at epopina@bloomberg.net

To contact the editors responsible for this story: Courtney Dentch at cdentch1@bloomberg.net, Randall Jensen, Jeremy Herron

For more articles like this, please visit us at bloomberg.com
The Dow Jones Industrial Average drops 2.9%, its worst performance ever on Christmas Eve.