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Mnuchin held a call with big bank CEOs on Sunday following the turbulent week on Wall Street. By June, the president was tweeting: "Stock Market up nearly 40% since the Election". Homebuilders fell on new data showing USA home price growth slowed in October.

Energy stocks also lifted the market, after the price of Brent crude oil bounced back 8.4 per cent $US54.69 per barrel. "The concerns are government shutdown, the economy, the President - what time is he going to tweet out about Federal Reserve", said Larry Benedict, founder of the Opportunistic Trader in Boca Raton, Florida.

On Monday, stocks slid an additional 2 to 3 percent after another Trump tweet-attack on the Fed and an effort by his Treasury secretary to calm investors' fears that only seemed to make matters worse.

While no longer in bear market territory, it is still the worst December for USA markets since the height of the Great Depression in 1931. That's what Wall Street calls a bear market, and it would have marked the end to the longest bull market for stocks in modern history after almost 10 years.

Trump on Tuesday took aim at the Jerome Powell-led Federal Reserve for raising interest rates too fast.

Trump blasted the Fed on Monday as the United States economy's "only problem", and investors have closely followed reports the president had privately discussed the possibility of firing Powell. "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!"

Peter Conti-Brown, a financial historian at the Wharton School of the University of Pennsylvania, told The Associated Press: "We've never seen anything like this full-blown and full-frontal assault".

Some of the President's aides believe a face-to-face meeting could help ease tensions and allow the two men to discuss the underlying economy. Trump expressed confidence in Mnuchin yesterday, but CNN reported the Treasury secretary's job is in jeopardy. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Adobe rose 3.1 percent to $211.53. In other words, while inflation was below target levels, GDP growth was above long-run trend, indicating that the economy was overheating which is likely to put upward pressure on inflation. Consumers boosted their spending this holiday season.

Those statements have flouted that longstanding practice of U.S. presidents avoiding direct commentary on the Fed out of respect for central bank independence.

Later Monday, Trump raised doubts over the existence of Father Christmas with a seven-year-old as he and wife Melania answered children's calls to defense agency NORAD's Santa tracker phone line.

But the president has voiced his anger over the Fed's decision to raise its key short-term rate four times in 2018.

The central bank has argued that higher interest rates are needed to prevent the economy from overheating. Big-cap tech companies have also created panic in the market because their stocks have been among the biggest decliners, after reporting earnings that investors saw as disappointing.

"The outsized moves are not reflective of the current US economic landscape, but that seems to matter little so far as fear mongering continues to permeate every pocket of global capital markets", Stephen Innes of OANDA, a currency trading platform, said in a market commentary.