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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 7:56 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

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 39133

Reported Deaths: 1514
CountyConfirmedDeaths
Hennepin12597787
Ramsey4963229
Dakota242192
Stearns241419
Anoka2266109
Nobles16726
Olmsted114715
Washington113740
Mower9602
Rice8488
Scott7624
Clay59138
Kandiyohi5781
Blue Earth4942
Wright4835
Todd4012
Carver3951
Lyon3272
Sherburne3255
Freeborn2970
Watonwan2380
Steele2371
Benton2203
St. Louis19615
Nicollet17312
Martin1715
Cottonwood1360
Goodhue1318
Winona12915
Crow Wing10812
Le Sueur1081
Pine1070
Chisago1021
Otter Tail1001
McLeod920
Dodge880
Carlton870
Unassigned8537
Polk822
Chippewa791
Isanti750
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Murray650
Itasca6412
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Morrison611
Faribault600
Pipestone592
Becker570
Jackson550
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Pennington520
Renville362
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Wabasha330
Rock310
Fillmore300
Yellow Medicine300
Houston270
Swift221
Wilkin213
Norman200
Redwood190
Koochiching181
Grant170
Roseau170
Cass162
Aitkin150
Big Stone150
Kanabec151
Wadena150
Marshall120
Pope120
Lincoln100
Mahnomen101
Clearwater90
Hubbard80
Lake60
Stevens50
Traverse50
Lac qui Parle40
Red Lake40
Kittson20
Cook10
Lake of the Woods00

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 32064

Reported Deaths: 731
CountyConfirmedDeaths
Polk6739181
Woodbury326044
Black Hawk232358
Buena Vista171911
Johnson13408
Linn130482
Dallas129129
Marshall106019
Scott84510
Story8063
Pottawattamie74512
Dubuque74222
Wapello70830
Crawford6783
Muscatine64944
Sioux4810
Tama46829
Wright3851
Louisa36313
Jasper32517
Plymouth3245
Warren2911
Dickinson2663
Webster2484
Washington2459
Cerro Gordo1901
Hamilton1891
Boone1501
Clay1370
Allamakee1334
Clarke1333
Mahaska11717
Shelby1170
Clinton1131
Poweshiek1078
Carroll991
Pocahontas981
Bremer957
Franklin950
Des Moines912
Emmet870
Henry863
Cedar851
Hardin810
Taylor800
Monona770
Cherokee761
Floyd732
Marion710
Benton681
Guthrie684
Jones640
Sac640
Jefferson620
Osceola620
Buchanan601
Butler592
Hancock551
Humboldt551
Calhoun542
Harrison540
Lee542
Iowa530
Delaware511
Monroe517
Fayette500
Madison482
Lyon450
Clayton443
Davis411
Mitchell410
Palo Alto410
Grundy400
Mills390
Winneshiek390
Kossuth360
Howard340
Jackson340
Union340
Lucas314
Chickasaw290
Greene290
Winnebago290
Cass240
Ida230
Appanoose213
Keokuk211
Van Buren210
Page200
Worth200
Adair160
Audubon161
Unassigned160
Ringgold150
Decatur120
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Adams80
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