Dow plunges in worst Christmas Eve for stocks in history as Trump blames Fed originally appeared on abcnews.go.com

The Dow Jones Industrial Average plunged more than 650 points Monday -- the worst Christmas Eve trading session in the country's history, according to experts -- after eyebrow-raising comments by the treasury secretary, an escalating trade with China, and amid an economic slowdown.

Stocks are negative for the year, and the Dow has fallen thousands of points from its high of nearly 27,000.

The Dow ended the day a dramatic 653 points lower at 21,792 in an abbreviated trading session ahead of the Christmas holiday, down nearly 10 percent from a mere week ago. The day's losses of 2.9 percent, added to last week's of 6.8 percent, set the stage for a sober last week of trade this year.

"I do believe this was the worst Dec. 24 in history," U.S. Global Investors head trader Michael Matousek told ABC News. "There hasn’t been a worse Christmas Eve since I started in the industry 22 years ago."

Last week was the index's worst in 10 years -- since the 2008 financial crisis. This month is currently on track to end as the worst December since the Great Depression.

The tech-heavy NASDAQ also suffered, ending the day more than 5 percent lower at 6,193. It crossed into bear territory last week for the first time since the 2008 recession, which means it is down more than 20 percent from its record high on Aug. 29.

PHOTO: A picture of President Donald Trump is displayed on a computer on the floor of the New York Stock Exchange in New York, Dec. 24, 2018. (Seth Wenig/AP) More

(MORE: Treasury secretary: Trump denied suggesting firing Fed chair)

President Trump renewed his attack on the Federal Reserve, which has become predictable after poor performances on the stock market, which the president tends to focus on over other economic indicators.

"The only problem our economy has is the Fed. They don’t have a feel for the Market," Trump tweeted. "The Fed is like a powerful golfer who can’t score because he has no touch - he can’t putt!"

The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can’t putt! — Donald J. Trump (@realDonaldTrump) December 24, 2018

The central bank raised interest rates last week in a widely expected move of .25 percent. However, the bank issued a forecast less bullish than expected, predicting a slowing economy.

Trump has consistently railed against raising interest rates and lashed out against its chairman, Jerome "Jay" Powell. The Wasington Post and other news outlets have reported that Trump blames Mnuchin for suggesting Powell for the job.

The markets moved lower after the tweet on fears Trump would try to fire Powell, adding to market instability and concerns about the threat to the central bank's independence.

However, the recent sagging performance of the markets has been largely attributed to the White House's policy moves, sparking a lingering trade war with China, invoking a government shutdown and chaotic news signaling political instability.

PHOTO: Traders work on the floor of the New York Stock Exchange in New York, Dec. 21, 2018. (Bryan R Smith/Reuters, FILE) More

Over the weekend, Mnuchin tweeted that he called the CEOs of J.P. Morgan Chase, Bank of America, Goldman Sachs, Morgan Stanley, Wells Fargo and Citigroup from his vacation in Cabo San Lucas, Mexico. His agency is one of the federal departments affected by the current government shutdown. Others at Treasury are forced to say home without pay. It is unclear whether Mnuchin traveled on a government plane to his vacation.

Story continues