U.S. stocks plunged today in their worst day of Christmas Eve trading ever, as the S&P 500 entered a bear market.

The Dow Jones Industrial Average dropped by 653 points Monday in volatile trading, falling below 22,000 as the markets responded to turmoil in Washington.

Last Wednesday, the Federal Reserve raised its benchmark interest rate for a fourth time this year and Chairman Jerome Powell signaled the central bank would continue to unwind its balance sheet at the current pace. The two monetary tightening actions are helping drive the stock market declines, traders say.

The markets were also responding to turmoil in the capital as multiple reports said President Trump is discussing how to remove Jerome Powell from his position as chairman of the Federal Reserve.

That discussion, as well as the recent market volatility, spurred Treasury Secretary Steven Mnuchin to call the leaders of the six largest U.S. banks over the past weekend.

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