Dec 24, 2018

Wall Street just had its worst-ever Christmas Eve

Treasury Secretary Steve Mnuchin. Photo: Photo: Eitan Abramovich/AFP via Getty Images

Stocks sold off again on Monday with the Dow Jones Industrial Average closing down 653 points and the S&P 500 entering into a bear market with its 2.6% percent drop — the worst Christmas Eve for those indices ever.

Driving the declines: Steven Mnuchin’s call with the big bank CEOs didn’t inspire confidence. The market also didn’t buy assurances from a senior Treasury official to CNBC that the call was just a check-in and that the Treasury had no concerns about liquidity. Adding to concerns was a tweet from President Trump that said the economy’s “only problem” was the Fed.

  • As typical, trading volume was light in the shortened session ahead of Christmas, though, which can exaggerate stock moves.

Go deeper: 2019 could be the worst year for the economy since '08

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 766,336 — Total deaths: 36,873 — Total recoveries: 160,001.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 3 p.m. ET: 153,246 — Total deaths: 2,828 — Total recoveries: 5,545.
  3. Federal government latest: The White House will extend its social distancing guidelines until April 30 — Rep. Nydia Velázquez diagnosed with "presumed" coronavirus infection.
  4. State updates: Virginia and Maryland issued stay-at-home orders to residents, joining 28 other states — Florida megachurch pastor arrested for refusing to call off mass services.
  5. World updates: Italy reports 1,590 recoveries from the virus, its highest ever.
  6. In photos: Navy hospital ship arrives in Manhattan
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Cuomo: Engaging in politics during coronavirus crisis is "anti-American"

New York Gov. Andrew Cuomo said during a Monday press briefing that he won't get into a political tussle with President Trump — calling it "counterproductive" and "anti-American" — as his state deals with the most confirmed coronavirus cases in the country.

The backdrop: Trump said during an appearance on "Fox & Friends" earlier Monday that Cuomo has received high polling numbers during the outbreak because New York has received federal aid.

Maryland and Virginia issue coronavirus stay-at-home orders

Data: Axios reporting; Map: Danielle Alberti/Axios

Maryland Gov. Larry Hogan and Virginia Gov. Ralph Northam issued stay-at-home orders on Monday, with exceptions for residents engaged in essential services, including health care and government functions.

The big picture: The states are the latest to announce policies to enforce social distancing, which have affected almost 250 million Americans. More than 1.5 billion people worldwide had been asked to stay home as of last week.

Go deeperArrowUpdated 3 hours ago - Health