Markets Right Now: Another steep drop pulls Dow down 500

The market is having a brutal December

The Dow Jones Industrial Average plunged 500 points, its second straight drop of that size and its fourth big decline this month. It has fallen 13.1 percent since its last record close on September 20. President Donald Trump continued with his criticism of policy makers, warning them to avoid "yet another mistake" just hours before their two-day meeting begins.

MSCI's world stock index fell 0.3 percent.

The Dow and S&P 500 are both technically in a correction, meaning values have fallen at least 10% since recent peaks.

Yet shares of Boeing Co rose 3.8 percent after three days of losses as the aerospace company said it was raising its dividend and increasing share buybacks to $20 billion from $18 billion.

MARKETS OVERSEAS: In Europe, Germany's DAX rose 0.3 percent, while France's CAC 40 dripped 0.3 percent and the FTSE 100 in London dropped 0.6 percent. USA stocks were poised to make solid gains with Dow futures and the broader S&P 500 futures up 0.6 percent.

The Dow Jones Industrial Average fell 507.53 points, or 2.11 percent, to 23,592.98.

COMMODITIES: The price of oil tumbled on worries about oversupply and softening growth in China, which could hit demand. "The hiatus on trade helps as well, but I'm a bit more skeptical about how long lasting that is", Ronald Temple, head of USA equity at Lazard Asset Management, told Bloomberg TV.The Fed is likely to hike rates on Wednesday, even as President Donald Trump intensifies his attacks on the central bank. Most economists expect it to raise short-term rates by another quarter of a percentage point, but investors hope that it will signal a slower pace of increases ahead. Brent crude, used to price global oils, gave up $1.15 to $58.46 per barrel.

Prices for the benchmark for the 10-year U.S. Treasury grew, lowering yields to 2.83% from Monday's 2.86%.

Hackett, of Nationwide, said investors will be happy if the Fed adjusts its plans and projects fewer increases in interest rates next year.

"Investors are zeroing in on this idea of slower growth for 2019", said Michael Arone, chief investment strategist at State Street Global Advisors.

"The economy is growing without inflation", said Navarro, calling on the Fed not to raise interest rates. Hong Kong's Hang Seng was 0.1 percent higher at 25,835.66.

In other energy trading, wholesale gasoline shed 1.7 percent to $1.41 a gallon and heating oil slid 1 percent to $1.83 a gallon.

Shares of rival insurer Cigna (CI) - which is in the process of merging with pharmacy benefits manager Express Scripts (ESRX) - and drugstore giant CVS (CVS), which recently acquired insurer Aetna - were lower Monday as well.

CURRENCIES: The dollar dipped to 112.56 Japanese yen from 112.75 yen late Monday. The euro rose to $1.1350 from $1.1303.

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