President Donald Trump told reporters on Wednesday that there was a “glitch” in the stock market last month, but that equities should recover as the U.S. completes trade deals with countries like China.
The S&P 500 dropped more than 9 percent last month to notch its worst December performance since 1931. Those losses also pushed the broad stock index to its worst annual performance since 2008 — when it plunged more than 38 percent. For 2018, the S&P 500 pulled back 6.2 percent.
Equities fell sharply in December as investors grappled with fear that the Federal Reserve might be making a monetary policy mistake, worries of a possible economic slowdown and ongoing trade negotiations between China and the United States.
China and the U.S. agreed to a 90-day grace period on Dec. 1 to try and strike a permanent trade agreement. Both countries have slapped tariffs on billions of dollars worth of their goods.
This is a developing story. Check back for updates.
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