Markets on track for worst December since Great Depression
Alan Greenspan says the party's over on Wall Street.
The former Federal Reserve chairman who famously warned more than two decades ago about "irrational exuberance" in the stock market doesn't see equity prices going any higher than they are now.
"It would be very surprising to see it sort of stabilize here, and then take off," Greenspan said in an interview with CNN anchor Julia Chatterley.
He added that markets could still go up further — but warned investors that the correction would be painful: "At the end of that run, run for cover."
Dow jumps 235 points at Tuesday’s opening bell, recovering a slice of the recent rout. S&P 500 and Nasdaq gain 0.8%.
Despite the steady gains, the Dow and S&P 500 are on track for their worst December since 1931. The Dow plunged 508 points, or 2.1%, on Monday.
US oil prices slide 1.9% to $48.91 a barrel, slipping below $49 for the first time since September 2017.