Stock Market Drops 400 Points After Treasury Secretary Checks On Banks Liquidity

Treasury Secretary Steven Mnuchin

The U.S. stock market plummeted 400 points on opening this morning after it was revealed Treasury Secretary Steven Mnuchin called the CEO's of the nation's largest bank to make sure they had enough cash in their vaults.

Economic experts were dumbfounded by the move.

So. Much. Winning.

From The Washington Post:

The Dow fell more than 400 points, and the tech-heavy Nasdaq slid deeper into bear territory.

Treasury Secretary Steven Mnuchin had called the leaders of the nation’s six largest banks and later issued a statement declaring that the institutions had ample credit to extend to U.S. businesses and households. Analysts said the outreach and statement could backfire.

Stocks are on pace for their worst December since the Great Depression. On Friday, the Dow ended its worst week since 2008. The Nasdaq is in a bear market.

JUST IN: Dow Jones opens down after Treasury Secretary Steven Mnuchin's comments on banks. https://t.co/76N3Vl6Kz8 pic.twitter.com/cLUruw8Ypx

— ABC News (@ABC) December 24, 2018

Mnuchin: Just wanna let everyone know there’s *not* a liquidity crisis.

General public: Wait, what? Who was talking about a liquidity crisis?

Mnuchin: No one! No need to talk about a liquidity crisis! Probably not an issue!

Public: Probably?

Mnuchin: I’m sure it’ll be fine... https://t.co/wsEaKExMJ2

— Matt Fuller (@MEPFuller) December 23, 2018

So many 52-week lows you’ll get tired of 52-week lows pic.twitter.com/2pLzSmlcYT

— Josh Barro (@jbarro) December 24, 2018

Remember Stocks have been Plummeting for three straight months but no one cared until now. Marry Christmas to all the rich people that will be poor next year. pic.twitter.com/sgnZtzIqTv

— Lil’ Poundcake (@TheLilPoundcake) December 24, 2018