>> A miserable month for Wall Street, getting even worse Thursday. U.S. stocks cratering on concerns over rising interest rates, disappointing corporate earnings and the uncertain fate of a government funding bill.>> Are you porting a shutdown with this strategy?>> At its low, the Nasdaq was down 20% from its August high.
Briefly entering what traders call bear market territory, for the first time since the financial crisis, before paring its losses. The Dow Jones Industrial Average, losing 464 points on the day. So far in December, the Dow has plunged more than 10%. Reuters Correspondent Trevor Hunnicutt.>> Investors have been conditioned over the past few years that if the markets dip a little bit that it makes sense to buy, because it's gonna bounce back from those dips.
And what we're starting to see is that, that behavior is changing, and that as the markets start to sell off, investors are doing the same thing, they're selling, and in some cases they're really exacerbating a lot of these sell-offs that we're starting to see in the market right now
>> In the most recent week, $34 billion was pulled out of mutual funds in exchange traded funds. And so that's really starting to kind of hurt the market in these periods.>> Thursday's sell off continuing a trend set a day earlier when the Federal Reserve followed through with plans to raise interest rates.
>> Today we raised our target range for the short term interest rates by another quarter of a percentage point.>> Investor confidence further undercut by disappointing earnings across corporate sectors. Drugstore chain Walgreens, packaged food maker ConAgra, and Carnival Cruise Lines, all reported disappointing results or forecasts. And capping off an uncertain outlook, came news that US lawmakers are scrambling to avert a partial government shutdown that could come Friday.
>> The President informed us that he will not sign the bill that came up from the Senate last evening.>> Any measure that funds the government must include border security, has to.>>
>> After the White House indicated the President might not sign the stopgap spending measure.