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Dow to close 2018 after roller coaster ride

The stock market is on track for its worst December since the Great Depression leaving investors looking for a fresh start in 2019.

Posted: Jan 1, 2019 8:17 PM
Updated: Jan 1, 2019 8:17 PM

1. Final day of trading: Investors are saying goodbye and good riddance to 2018.

The Dow is down 6.7% so far this year. The S&P 500 has dropped 7% over the same period and Nasdaq has shed 4.6%.

December has been an exceptionally wild month on Wall Street. In the past 10 trading days, the Dow fell more than 350 points six times. There was also one day when the Dow rose by 1,000 points — the biggest point gain ever.

The market is in a historic period of volatility. The S&P 500 was up or down more than 1% nine times in December and 64 times this year. In all of 2017, that happened only eight times.

Many major global stock markets were closed Monday. US stock futures were higher ahead of the final trading session of 2018.

2. China fears: China's manufacturing sector contracted for the first time in two and a half years in December.

The latest reading of the government's official purchasing managers index came in at 49.4, lower than what economists polled by Reuters had expected. A reading below 50 indicates that the manufacturing sector contracted compared to the previous month.

China's economy is feeling the effects of a darkening trade outlook and government attempts to rein in risky lending after a rapid rise in debt levels. Growth in 2018 is set to be the weakest since 1990. Analysts expect that next year could be even worse.

Fears about China's economic health have already rippled through financial markets. The country's benchmark stock index plunged into a bear market in June and is down 25% since the start of the year. The jitters have also affected markets in Europe and the United States.

3. Carlos Ghosn saga: A Japanese court has ruled that Carlos Ghosn, who has been detained in Tokyo for the past six weeks, can be held for a further 10 days without bail. That means the former Nissan chairman will likely remain in jail until at least January 11.

Prosecutors have alleged that Ghosn temporarily shifted 1.85 billion yen ($16.6 million) of losses from his private investments onto a Nissan subsidiary as the global financial crisis erupted in October 2008.

The auto executive was indicted on December 10 on separate allegations he under-reported his income by tens of millions of dollars between 2010 and 2015 in Nissan disclosures.

Ghosn's detention has shaken the international auto industry and strained the alliance he built between Nissan (NSANY), Renault (RNSDF) and Mitsubishi Motors (MMTOF).

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4. Coming this week:

Monday — Last trading day of 2018
Tuesday — Markets closed for New Years Day
Wednesday — Chicago Purchasing Managers' Index
Thursday — ISM manufacturing index
Friday — Jobs report for December

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 36680

Reported Deaths: 1250
CountyConfirmedDeaths
Hinds299254
DeSoto195920
Madison148439
Jones122449
Harrison117716
Rankin112619
Neshoba104677
Forrest103843
Lauderdale96681
Scott82415
Jackson79819
Washington73713
Copiah67016
Leake63420
Lee62822
Oktibbeha61928
Grenada6049
Warren60021
Holmes59541
Lamar5837
Wayne56519
Yazoo5607
Lowndes54817
Leflore53456
Lincoln53335
Lafayette5064
Pike50520
Sunflower5048
Monroe46135
Panola4546
Covington4465
Simpson4433
Bolivar41218
Tate39213
Attala38624
Newton37610
Adams35820
Pontotoc3556
Marion34512
Claiborne30811
Pearl River30332
Winston30111
Chickasaw30019
Marshall2923
Jasper2816
Noxubee2799
Walthall2708
Clay26111
Union25412
Smith25212
Coahoma2306
Clarke22325
Lawrence2132
Yalobusha2089
Tallahatchie1954
Kemper18414
Carroll18211
Montgomery1793
Calhoun1705
Humphreys16910
Hancock14813
Itawamba1478
Tippah14611
Webster13411
Jefferson1283
Prentiss1274
Jefferson Davis1254
Tunica1253
George1233
Greene11610
Amite1123
Alcorn1072
Tishomingo1061
Quitman1011
Wilkinson989
Perry914
Stone772
Choctaw764
Franklin542
Sharkey480
Benton470
Issaquena101
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 54768

Reported Deaths: 1096
CountyConfirmedDeaths
Jefferson6746170
Mobile4904140
Montgomery4547112
Tuscaloosa269053
Madison22689
Marshall198011
Shelby169125
Lee159637
Morgan13385
Baldwin127711
Walker107532
Elmore106721
Etowah101114
Dallas10029
DeKalb9677
Franklin93816
Autauga69815
Russell6860
Unassigned67928
Chambers67730
Butler65229
Limestone6393
Tallapoosa63069
Cullman6156
Houston6077
Lauderdale5776
St. Clair5443
Calhoun5155
Colbert5096
Escambia4888
Lowndes48422
Pike4795
Jackson4352
Coffee4284
Covington41612
Talladega4017
Barbour3992
Dale3951
Bullock37810
Hale35423
Marengo35411
Chilton3312
Blount3201
Clarke3176
Wilcox3038
Winston2995
Sumter29213
Marion29014
Pickens2746
Randolph2639
Monroe2603
Perry2502
Conecuh2318
Bibb2241
Macon2199
Choctaw21712
Greene1989
Henry1553
Washington1488
Lawrence1360
Crenshaw1323
Cherokee1247
Geneva980
Lamar891
Clay852
Fayette851
Coosa661
Cleburne451
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